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Downturn Hammers Magazine Industry, Too

Condé Nast, Time, McGraw-Hill cut jobs as ad dollars slow

By Matt Cantor, Newser Staff

Posted Oct 31, 2008 2:40 PM CDT

(Newser) – The economic downturn is taking its toll on magazines, forcing layoffs and budget cuts as publications face fewer advertising dollars, Women’s Wear Daily reports; the trouble is compounded as production costs soar while readers turn to the Internet. Magazine ad revenue fell 5% in the first three quarters of 2008, to $18.4 billion, with an 8.8% drop in the third quarter.

Condé Nast Publications will absorb Men’s Vogue into Vogue, and plans layoffs throughout its titles, which include Portfolio and the New Yorker. Time Inc. is cutting 600 jobs; McGraw-Hill has dropped 270. “I don’t care if this isn’t technically a recession yet—it is for us,” Time’s CEO said. And the forecast remains bleak for ad spending growth this year and next.

Cover of the premier issue of Condé Nast Portfolio. (AP Photo)

A Barack Obama supporter holds up copies of Time magazine. (AP Photo)

Men's Vogue will be absorbed into Vogue. (AP Photo)

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Downturn Hammers Magazine Industry, Too

Condé Nast, Time, McGraw-Hill cut jobs as ad dollars slow

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New Yorker magazine • Vogue • Conde Nast • magazine industry • magazine publishing • McGraw-Hill • Portfolio

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Google trying to drum up support among publishers, say insiders

Newsweek Sold to Audio Magnate for $1

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For Sale: Ailing Newsweek

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Shuttering Mags, Conde Nast Turns to ... Online Dating?

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Downturn Hammers Magazine Industry, Too

Condé Nast, Time, McGraw-Hill cut jobs as ad dollars slow

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OTHER STORIES ON OUR RADAR

New Yorker magazine • Vogue • Conde Nast • magazine industry • magazine publishing • McGraw-Hill • Portfolio

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Google to Bite at Apple With Digital Newsstand?

Google trying to drum up support among publishers, say insiders

Newsweek Sold to Audio Magnate for $1

Sidney Harman assumes magazine's growing losses

For Sale: Ailing Newsweek

Washington Post Co. cites mounting losses

Publishers Forming 'Magazine iTunes'

Online newsstand to combat slumping sales

Shuttering Mags, Conde Nast Turns to ... Online Dating?

Publishing giant makes 'very bizarre' venture into new business

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Newser By Users

Community

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