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fashion-memopad

Memo Pad: Shrinking Staffs Across Condé Nast... Losses at the Times...

By today, staff reductions at Vanity Fair, GQ, Allure, Architectural Digest and Condé Nast Traveler will have been implemented.



LOSSES AT THE TIMES: The New York Times Co. reported third-quarter earnings on Thursday, with print ad revenues at the News Media Group (which includes the Times itself) down 30 percent and digital ad revenues falling 19 percent. National print categories challenged during the period include financial services, studio entertainment and telecommunications; only health care showed an uptick in advertising. Total revenues at the company dropped 16.9 percent to $570 million, due to lower print advertising, while overall ad revenue fell 26.9 percent and circulation revenues rose 6.7 percent. Internet revenues, which include nytimes.com, decreased 7.2 percent to $78.9 million and Internet ad revenues declined 8.2 percent to $68.3 million. The company recorded a net loss of $35.6 million, compared to losses of $106.2 million during the same period last year.

For the fourth quarter, chief executive Janet Robinson remarked on some encouraging and modest signs of improvement in advertising in print and in digital, which could improve more than print, although she didn’t elaborate. Earlier this week, the company said it would eliminate 100 newsroom positions at the Times, first by offering buyouts and, if necessary, with layoffs.

— Amy Wicks

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