TEEN VOGUE HIT BY CUTS: Budget cuts at Condé Nast are under way, and Teen Vogue is the latest victim. Staff at the glossy gathered on Thursday and sources told WWD that employees were made aware of a transition that would effectively put the magazine under the purview of Vogue. Some speculated that editorial cuts could be part of upcoming changes at the teen glossy.

The company confirmed that publisher and chief revenue officer Jason Wagenheim had left.

“We are making a change in reporting structure on the business side. Susan Plagemann [Vogue publisher] will oversee the sales and marketing teams,” a spokeswoman said.

It is said that Wagenheim was offered the option to report to Plagemann or leave the company. He chose the latter.

Vogue editor in chief Anna Wintour, who is also Condé Nast’s artistic director, will oversee Teen Vogue, with the magazine’s editor in chief Amy Astley reporting to her. The company said Astley had reported to Wintour before.

Wagenheim’s departure follows weeks of speculation that Condé Nast is in the process of consolidating publishers and reducing staff in its Media Group.

Earlier in the day, rumors had swirled that Teen Vogue, which publishes 10 times a year, would reduce its frequency, but a spokesperson denied that speculation. Teen Vogue has long been rumored go all digital.

The magazine had begun getting noticeably slimmer over the year. Advertising pages for the June-to-September period of this year fell 11. 1 percent to 475.05 pages, according to the Publisher’s Information Bureau.

The news comes a day after Condé Nast laid off longtime Allure editor in chief Linda Wells and ushered in Michelle Lee as the magazine’s new editor. Last week, the company, which is in the process of transitioning its business to be less print-focused, kicked off its round of layoffs at GQ with about seven. It is rumored that the other brands will experience layoffs or cuts in the coming weeks.

Insiders said there’s a feeling of “fear” within the company as employees are waiting for more cuts to come.