For years, Condé Nast seemed to ride above the fray in the consumer magazine world. But in 2009, that is no longer the case.
The publisher is reeling more than its rivals, as luxury-goods retailers hoard their ad dollars. While the industry is down 24 percent in ad pages so far in the first quarter, many of Condé's venerable titles are down 30 percent. Start-up mag Portfolio is down a staggering 60 percent, while Wired is off 57 percent.
"They are having the worst year of any publisher," said one rival executive who once worked at Condé Nast and said the company's recent cuts of 5 percent each on expenses and staffing isn't enough. [Click for MORE]