Adam Galica | CNBC
Magazine publisher Conde Nast is laying off nearly 100 U.S. employees and furloughing 100 more as the coronavirus pandemic continues to hit the media industry, according to a company memo obtained by CNBC.
The company will also reduce work hours for a handful of employees, according to the memo. Chief Executive Roger Lynch said in the memo that affected employees will be notified Wednesday.
“These decisions are never easy, and not something I ever take lightly,” Lynch wrote in the memo. “I want to be transparent about the principles and approach we used.”
Conde Nast owns a number of high-profile magazine titles including Vogue, The New Yorker, Wired, GQ and Vanity Fair, and online-only publications like Ars Technica, Glamour and Pitchfork.
It’s the latest among a slew of publishers that have been affected by a sharp decline in advertising revenue brought about by the Covid-19 pandemic, which has slashed demand for travel, entertainment and other areas. Vox Media, Group Nine Media and Buzzfeed have separately announced furloughs, layoffs or pay cuts in an effort to cut back on costs.
Disclosure: CNBC parent NBCUniversal is an investor in Vox Media.