"Visibility for 2009 is very limited, and therefore we are adjusting all costs to prepare for slower revenue growth," a spokeswoman said, confirming online reports. "The adjustments are across the board and include staff restructuring and some reduction."
Slashed at Nast
Conde Nast as a whole has made similar moves, eviscerating the website of Conde Nast Portfolio, abandoning Men's Vogue as a standalone title and putting its annual Fashion Rocks ad program on ice next year.
Unlike the magazines that have thrown employees out of work recently, Conde Net is still selling ad inventory for the holiday season. Its assessment of the situation, however, has emerged to be no less bleak.
"We live and die by what's good for advertisers," a Conde Net executive said. "They live and die by what's happening with the consumer. And everyone knows what's happening there.
"Most of our advertisers expect that they're going to have a really rough holiday season," the executive added.
No turning back
Because CondeNet has recently relaunched or retooled almost all its properties -- a revamp of Men.Style.com should finish the list early next year -- it hopes the impact of its cuts today won't be too noticeable. "The commitment overall to digital does not change," the executive said.
CondeNet expects to finish 2008 with higher revenue than last year and to post a moderate gain in 2009.
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