Condé Nast Cuts 100 Staff, Furloughs Another 100

Publisher Condé Nast, following up on a cost-cut plan, dismissed 100 U.S. workers and put another 100 on unpaid furlough.
Author:
Publish date:

Magazine publishing group Condé Nast has cut 100 employees in the U.S. and put another 100 on unpaid leave for several months as the media industry deals with the fallout from the coronavirus pandemic. 

Chief Executive Roger Lynch disclosed the cuts in a memo to staff on Wednesday. That's about a month after the New York publisher of titles including Bon Appetit, the New Yorker, Vanity Fair, Vogue and Wired told employees that layoffs were possible along with other cost-cutting measures.

“Today, we are taking additional cost savings actions that are specific to our U.S. teams," Lynch said in his memo. 

"These steps will result in just under one hundred team members in the U.S. leaving Condé Nast, and a similar number of people in roles that can’t effectively work during this period being temporarily furloughed." 

Lynch also said a "handful of people" will be working on reduced schedules. 

The furloughed workers, including employees in the events group, "can't effectively work during this period," he said. 

The publisher enacted cost-saving measures that include pay cuts of 10% to 20% for employees earning at least $100,000 a year and a 50% salary reduction for Lynch, who joined the company about a year ago after leaving Pandora and Sling TV.

The publisher says it will also defer several big strategic initiatives to 2021, including the rollout of Condé Nast's Copilot content-management system to additional markets, the buildout of global internal events spaces, and a global employee intranet.