Over the next week, Condé Nast execs will begin meeting with editors and publishers at 4 Times Square and handing them their 2010 budget targets. It won’t be pretty. McKinsey consultants are expected to be present for these meetings, said
one well-placed source.
Either way, the summer of guessing games for publishers and
editors is about to end.
“Nobody knows anything for now,” said another source. “What is universally known is that everyone is going to have to cut their budgets significantly next year. Everyone is at work already for different scenarios.”
Budget cuts are expected to vary from book to book. Some might see cuts of 10 percent, others 15, others 20 or more. Books that are in trouble—or that could be on the chopping block—will discover their fates very shortly.
Meetings will begin later this week, though the majority of them are expected to take place next week.