It's going to be another dour holiday season for the media industry. Following editorial layoffs at CNN and buyouts (which have yet to take effect) at the New York Times, news emerged Tuesday that Condé Nast is planning to lay off between 70 and 80 employees, primarily from its ad sales division. This would be its first significant layoff round since 2012.
The Wall Street Journal suggests that Edward Menicheschi -- who was promoted in late August from Vanity Fair publisher to chief marketing officer and president of Condé Nast’s media group -- may be at least partly responsible for the layoffs, driven by a tough advertising market for print.
A Condé Nast spokesperson declined to comment.
The company, which is owned by Advance Publications, has been cleaning up its books lately, spinning off Lucky magazine into a joint venture with Beachmint and selling off its unprofitable trade publication division, including Women's Wear Daily and Footwear News, to Penske Media for $100 million.