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Conde Nast cuts Internet jobs

November 12, 2008|Times Wire Services

Conde Nast Publications Inc., the second-largest U.S. magazine publisher, cut staff at its Internet network as ad prospects grow less predictable.

A spokeswoman declined to say how many people would lose their jobs.

The company's CondeNet runs, and, the companion site of Conde Nast Traveler magazine.

"We are adjusting all costs to prepare for slower revenue growth," Conde Nast said. The spokeswoman said 2008 revenue would be "slightly" higher than last year.

Conde Nast is fighting a slowdown that struck the industry at midyear. U.S. magazine ad pages dropped 8.8% in the third quarter, the Magazine Publishers of America reported last month.

Closely held Conde Nast previously had disclosed job cuts across its 26 U.S. magazine titles.

Larger rival Time Inc. announced Nov. 5 that it was cutting 6% of its staff, or about 600 people.

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