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Condé Nast Laying Off 5% Of Its Workforce, Citing “Volatile” Nature Of Digital Video Marketplace

Condé Nast Agnes Chu New York audience information Digital Provident Strategy Enterprise Tiktok

01.11.2023 - 15:24

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Condé Nast plans to cut 5% of its workforce, acknowledging the toll of digital video’s shift toward short-form fare inspired by TikTok.

The parent company of well-established media brands like Vanity Fair, GQ and The New Yorker will cut about 270 employees from its global ranks of about 5,400.

CEO Roger Lynch informed staffers about the cutbacks this morning in a memo. (Read it below.) Condé Nast Entertainment remains active in funneling a number of projects to streaming services, movie studios and TV and podcast networks.

Agnes Chu exited as head of CNE last month in a restructuring, but the company still has about 70 projects in development and 10 in active production.

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