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BREAKING NEWS & VIEWS
Condé Nast’s $1 Billion Dip?  (Gourmet) and jettisoning three other titles? According to Newsweek reporting yesterday, yeah, it is that bad. Walking back from Publishers Information Bureau page counts and revenue estimates, the news mag (which is not exactly in positive growth mode itself) concludes that ad income dropped from $2.1 billion in the first eight months of 2008 to $1.5 billion in the same period this year. Vanity Fair, while representing the most modest percentile decline of the group, shed more than $35 million from its revenue, for instance. By Newsweek’s calculations, the loss in ad revenue for the fleet is on track to hit $1 billion by the end of the year. Not that anyone is taking up a collection, but Advance Publications’ S.I. Newhouse's estimated wealth withered from $8 billion to $4.5 billion in a year. The fascination with fallen royalty will not abate, and so the Condé Nast story has kept giving and giving this week. Forbes.com questioned whether food had much of a future in print at all. NYMag links us over to the Gourmet YouTube channel of Test Kitchen videos, suggesting we might want to get a final glimpse. All of the videos on the front page have (you guessed it) 4.5 to 5 stars. Mediaweek dishes on 15 layoffs at Condé Nast Digital, where new sales chief Drew Schutte is said to be cleaning house. Salon resuscitates a 2006 interview with Gourmet editor Ruth Reichl reflecting on her decision to run David Foster Wallace’s famous essay “Consider the Lobster.” Ironically, Reichl refers to magazines as “the last bastions of serious editing.” Don’t worry. It won’t stop soon. Magazines like nothing more than dishing about other magazines. What did the Good Witch of the North say to the Wicked Witch of the West? Something about being careful lest "a house fall on you, too." If you have breaking news to share please contact Steve Smith at ssmith@accessintel.com COMMENTS
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