• McKinsey & Co. recently finished a project assessing the ways publishing powerhouse Condé Nast must cut costs, a touchy subject for a company known for its culture of lavish spending.
• Condé Nast does not take to cost-cutting tactics as do other publishers – it seems it would rather cut or renegotiate contracts with consultants such as photographers, writers, and stylists than get rid of employee perks like car services and parties.
• Some believe the company released information about McKinsey’s report in order to shift the blame for budget cuts onto the consultants.

Facts & Figures

• McKinsey advised that Condé Nast cut about 25% from several magazines’ budgets.
• Typical perks at the company include: on-call drivers for top editors and publishers, staff reimbursements for $15 a day lunches they order in, and hotel stays at places like the W for freelance writers on assignment.
• The publisher’s newsstands sales brought in $2 million less in the first six months of this year than they did a year ago.