The Observer reports that Mens' Vogue is being cut back from ten issues per year to just two; more than that, all Condé Nast publishers and editors have been directed to cut their both staffs and budgets by 5 percent — each — "within weeks."
This obviously includes Portfolio, a Condé Nast magazine; Jeff Bercovici reports that the title is being scaled back from 12 issues per year to 10. That is obviously not enough to meet with the directive, so they've also added cuts to the wesite: According to Silicon Alley Insider, Porfolio.com will be cut from about 20 employees to just five.
Not a great day for magazines, for print, for anyone in media, really — Condé Nast was supposed to be the last bastion of deep pockets, insulated by the beneficent Si Newhouse, aka "Uncle Si." Even so, I tend to agree with my pal Glynnis MacNicol here:
[W]hy you would want to cut the website of a publication geared to covering all aspects of the business industry during a financial crisis is really beyond us. Seems like the website was Portfolio's best, strongest chance at relevance.
Sigh. And on that note, we're off to a party thrown by a magazine that no longer exists.