Condé Nast CEO Roger Lynch has announced that the publisher plans to lay off approximately 5 percent of its workforce. The move comes as the company aims to lower costs to compete in a highly competitive digital media landscape.
The layoffs are expected to happen over the next few months. In addition, the company is also said to be reducing office spaces and close open roles.
An excerpt from Lynch’s memo reads:
“Over the next several months we will be taking additional steps to find efficiencies and reduce costs from the business so that we can continue to invest in strategic growth areas and continue to support the editorial core of our business, as outlined above. We are prioritizing cost reductions through real estate/office space savings (for example, we are already in the process of bringing our teams in the UK together in one space), closing open roles and re-phasing certain long-term projects across the business.”
Read the full memo here.
