(Reuters) – Vogue magazine owner Conde Nast will trim about 5% of its staff, CEO Roger Lynch said on Wednesday, as the publisher looks to cut costs and grow in a highly competitive digital media landscape.
The cuts will impact about 270 out of Conde Nast’s roughly 5,400 full-time employees globally, according to a report from the New York Times.
The layoffs will be staggered over the next few months and the company is also undertaking a series of other actions including reducing office spaces and closing open roles to reduce costs and invest in strategic growth, Lynch said in a memo to employees.
“However, these efforts alone won’t be enough to ensure we can continue to make the investments needed to grow our business profitably,” he said.
Media companies across the globe are looking to diversify their revenue streams in an uncertain economy, with some resorting to layoffs in a bid to save costs.
The Washington Post said last month it plans to offer voluntary separation packages to employees across all functions, as the newspaper looks to reduce headcount by 240.
“Our audiences are changing, technology is changing, and what advertisers want from us is changing… the only certain mistake is to not change ourselves,” Lynch said.
(Reporting by Jaspreet Singh in Bengaluru; Editing by Devika Syamnath)
