Condé Nast is the latest publisher to turn to cuts.
To counter the plunge in advertising that is plaguing the industry, the publisher of Vogue, Vanity Fair, GQ and Glamour told staffers Monday that it is cutting salaries of those making more than $100,000 by between 10 percent and 20 percent, effective May 1. The reductions will be in place for five months across all markets.
“While we aren’t as solely dependent on print and digital display advertising as some of our competitors, globally, we will still see a substantial impact from this crisis on our business,” Lynch said in a staff memo. “It’s very likely our advertising clients, consumers, and therefore our company, will be operating under significant financial pressure for some time. As a result, we’ll need to go beyond the initial cost savings measures we put in place to protect our business for the long term.
In the U.K., where Condé has a sizeable office, the government is paying 80 percent of furloughed workers’ salaries. Conde also has significant operations in other European countries, including France and Italy, where governments are helping to supplement the wages of workers laid off by their employers in all sectors.
Elsewhere, it will also defer several projects, including a global employee intranet and outfitting of event spaces. A source said the company also may temporarily adjust publishing schedules of print issues by potentially shifting some summer issues into either fall or holiday.
France Dernières Nouvelles, France Actualités
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