McKinsey is wrapping up its summer-long visit to 4 Times Square, and John Koblin reports at least one small piece of good news: for now, no magazines will be shuttered. But it looks like low-performing books (Details, Traveler, and Glamour; possibly Gourmet and Teen Vogue) will be asked to cut their budgets by around 25%. It will be up to individual editors and publishers how they want to make the numbers work–which means a choice between eliminating expenses, reducing frequency, and… layoffs. Writes Koblin:
[A] well-placed source explained that editors and publishers can address the layoff issue in one of two ways: “A lot of the junior people might be let go, but if I decide we need more Indians than chiefs, I can cut two senior people and fulfill a giant chunk of the cut.”
It’s like the magazine version of Sophie’s Choice.