By Jill Goldsmith Citing significant financial pressure, glossy publisher Conde Nast said Monday that it will cut salaries for its highest-paid employees, reduce hours for others and explore cost cutting across its global footprint, according to a memo to staff by CEO Roger Lynch obtained by Deadline.
The memo (read it in full below) said the company plans to seek government assistance in Britain and the European Union. Advertising is plunging as the coronavirus pandemic pulls the global economy to a standstill.
Print advertising, already suffering and never recovered from the great recession in 2008-2009, is seen taking the worst hit this time around as well. “It’s very likely our advertising clients, consumers, and therefore our
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