Update: At least 14 of Condé Nast’s top executives were among those who were laid off on Thursday, Adweek reported later that evening. The list includes chief business officer Eric Gillin; chief business officer Craig Kostelic; SVP of global commercial marketing Eric Johnson; head of industry, entertainment, Bill Mulvihill; VP of sales Stephanie Begnal; executive director Melissa Schwarz; global VP of events Krista Boyd; SVP of global events and business services Patrick Garrigan; executive director of events and festivals Seth Dodson; and senior director of business operations and finance, festivals and events Liz Pesnel.
Kostelic is expected to stay with the company through the end of March, but the rest of the cuts were effective immediately, the outlet said. The layoffs are partially attributed to chief revenue officer Elizabeth Herbst-Brady’s “need to balance the budget in light of the challenging commercial circumstances facing the company,” the outlet further reported.
The layoffs also included “several members” of the team at GQ. Allure’s editor-in-chief Jessica Cruel will also become the editor-in-chief of Self. And there were also layoffs at the studio business previously known as Condé Nast Entertainment.
Original story: Condé Nast laid off a number of employees on Thursday, TheWrap has learned.
The move came just over a year after the publishing mainstay behind outlets like Vogue, GQ, and The New Yorker slashed 270 jobs.
It’s unclear how many CN employees were laid off and which sectors of the business were affected. Representatives for Condé Nast did not immediately respond to TheWrap’s request for comment.
The cuts come 13 months after CEO Roger Lynch cut about 5% of the company’s 5,400 employees. At the time, Lynch said Condé Nas was responding to digital advertising pressures and a decline in social media traffic. And another 12 full-time staffers were cut earlier this year when Condé Nast folded Pitchfork into GQ.
Condé Nast’s layoffs come at the end of an already brutal year for the media in terms of job cuts. Last month, Hearst Magazines — home to a wide array of publications like Esquire, Cosmopolitan and Men’s Health — laid off more than 60 employees. Those cuts came a week after Dotdash Meredith cut 53 employees.
By the end of December, media job cuts could surpass last year’s total. In 2023, broadcast, print and digital outlets collectively cut 2,681 journalism jobs, up 48% from the year before.
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