Cuts at Condé Nast’s Portfolio: We hear Portfolio.com will cut its Web site down to a skeleton staff of about five employees (from about 20) — simply publishing the magazine on the Web. Staff will be let go anytime from next week until Christmas; we don’t know who will be let go.
“It’s a bloodbath,” we hear, “But a very slow and polite one.”
An insider also wonders why the Web site is bearing the bulk of the cuts: The site had aggressive goals that it met, according to our source.
Perhaps Condé sees the site more as a tool to juice magazine subscriptions rather than a content asset; too bad, as it seems to us like parts of the Web site have been finding an audience.
MediaMemo reports the magazine will now be published 10 times a year, down from 12, and will cut 5% from its editorial budget. This includes combining the December/January and June/July issues.
Condé Nast will also fold Men’s Vogue into Vogue and scale it back to two issues a year. No surprise: the magazine’s been shrinking for some time.
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