CEO Roger Lynch informed staffers about the cutbacks this morning in a memo.
(Read it below.)
As you know, we began this work a few years ago during our global transformation.
New York’s World Trade Center, site of Conde Nast’s U.S. headquarters.Lev Radin/Pacific Press/LightRocket via Getty Images
Over the next many weeks our teams will be working to finalize our 2024 plans.
The approach outlined below reflects our path to protect and expand our journalism and our creative editorial work.
Some of these changes are a direct result of how the digital video landscape is shifting.
Creating a more efficient combined content organization will enable us to continue to invest in our great journalism.
In fact, over the next five years we plan to double consumer revenue.
Our audiences are changing, technology is changing, and what advertisers want from us is changing.
With all of this change surrounding us, the only certain mistake is to not change ourselves.
Weve also had to make the difficult decision to implement reductions among our dedicated teams.
These reductions will take place over the next few months and total approximately 5% of all staff roles.
Im sincerely grateful for your patience and, most of all, your hard work and dedication.
Im always here for anything you may need in the meantime.
