[BusinessTeam] CondeNet Cuts Staff to Save Cash

Message-ID: <6B75EF096AE0BE428B8CEDEA89C5F63278236D@exchange01.lab49.com> · Thu Mar 08 14:52:46 2001 UTC

CondeNet Cuts Staff to Save Cash 

By @NY Staff 

In a retrenchment move sparked by the widespread softening in ad spending,

CondeNet, the digital arm of Advance Publications, said it would cut its 
workforce by 12 percent. 

In a brief statement, the New York-based media company said the cuts would

eliminate 18 positions. "The job eliminations will streamline operations
and 
will not have an adverse impact on CondeNet's business of developing
upscale 
lifestyle brands online." 

"This recent action is reflective of the company's commitment to building
a 
profitable business," it added. 

CondeNet is faced with the task of migrating Advance's magazine offerings
to 
the Internet. About half of the company's 16 magazines have a presence on 
the Web, including the recent launchings of The New Yorker, Style.com and 
Allure.com. 

*Got tips or comments? E-mail atNewYork. 

March 7, 2001 

Ashley Ching 
nano 
212.430.3722 
ashley@nano.com 
www.nano.com 

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