THE WHAT? Conde Nast is said to have cut staff pay and ushered in a reduced working week for many as COVID-19 hits ad revenues, according to a report published by the New York Post.
THE DETAILS The publisher has imposed a 10 to 20 percent pay cut on all employees earning US$100,000 and above, which includes famed Vogue Editor Anna Wintour. CEO Roger Lynch has volunteered for a 50 percent cut in his base salary.
The temporary reduction will be effective May 1 through September. A number of roles will be eliminated, although exact numbers have not been disclosed.
THE WHY? As advertisers reduce spend, the publisher is operating ‘under significant financial pressure’.