This is sad. Conde Nast is one of the finer magazine and media companies… but I guess no one is immune to the realities of the macro (economy) and micro (print) economies.
Conde Nast is shutting down a bunch of magazines:
Conde Nast told shocked staff today it was closing Gourmet magazine, Cookie, Modern Bride and Elegant Bride, surpassing expectations of perhaps one or two shutdowns as a result of McKinsey’s analysis.
The shutdown of titles across the Conde Nast portfolio this morning demonstrated, even more than arrival of the McKinsey consultants hired to deflate the company’s massive spending, that the polish was off the luxury publisher.
Here is the full company memo:
Read the staff memo from Mr. Townsend:
Date: Mon, 5 Oct 2009 10:16:52
To: Conde Nast Publications-All
Conversation: Announcing Changes within Condé Nast
Subject: Announcing Changes within Condé Nast
We have now completed an extensive review of our business — an important undertaking given the dramatic changes in the U.S. economy. The review has led us to a number of decisions designed to navigate the company through the economic downturn and to position us to take advantage of coming opportunities.Conde Nast’s success comes from the ability of our publications to attract readers with a wide range of interests, as well as advertisers who value them. But in this economic climate it is important to narrow our focus to titles with the greatest prospects for long-term growth.
As a result of our review, Brides will increase its frequency to monthly to solidify its position as the most important brand in the bridal category, and Modern Bride and Elegant Bride will close.
Gourmet magazine will cease monthly publication, but we will remain committed to the brand, retaining Gourmet’s book publishing and television programming, and Gourmet recipes on Epicurious.com. We will concentrate our publishing activities in the epicurean category on Bon Appétit.
Finally, Cookie magazine will be discontinued, and resources that had been dedicated to its publishing will be invested elsewhere.
The editorial and business staffs of Modern Bride, Elegant Bride, Gourmet, and Cookie all have earned their magazines large and devoted followings. We have been proud to publish these titles, and we are grateful to the staffs for their hard work and dedication.
These changes, combined with cost and workforce reductions now underway throughout the company, will speed the recovery of our current businesses and enable us to pursue new ventures. In the coming weeks, we hope to announce initiatives to develop digital versions of our brands that will make use of new devices and distribution channels.
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