Conde Nast will lay off about 100 employees in the US and is putting another 100 on unpaid leave for several months as the COVID-19 crisis cuts into the media company’s business.
The New York-based company, whose titles include the New Yorker, Wired, Vogue, Vanity Fair and GQ, had about 6000 employees worldwide at the start of 2020.
CEO Roger Lynch announced the cutbacks in a memo to staff on Wednesday.
One month ago, he told employees that lay offs were in the offing, along with other cost-cutting measures. An insider said the lay offs span all areas of the company and aren’t targeted at individual brands or groups.
“Through this crisis we’ve all gone through many states of emotion, personally and professionally, and I’m deeply saddened to have to write this note with the news that we’ll be saying goodbye to some of our US colleagues,” Lynch said in the May 13 memo.
In addition to the lay offs, Lynch wrote, the company is furloughing about 100 employees who “can’t effectively work during this period,” such as those in Conde Nast’s events group.
Conde Nast’s previously enacted cost-saving measures included pay cuts of 10-20 per cent for those earning at least $US100,000 ($A154,717) per year and a 50 per cent salary reduction for Lynch and outside board members.
Lynch said it has limited hiring and closed hundreds of open roles across the company’s divisions.
The company also is deferring until 2021 several big strategic initiatives, including the rollout of Conde Nast’s Copilot content-management system to additional markets this year; the build-out of global internal events spaces and a global employee intranet.