Get all the latest news on coronavirus and more delivered daily to your inbox. Sign up here.
The magazine publisher behind Vogue, Vanity Fair and GQ announced pay cuts for high earners and reduced hours for other employees as a result of “significant financial pressure,” Condé Nast CEO Roger Lynch told staffers in a memo Monday.
Employees earning more than $100,000 will have their wages cut between 10 and 20 percent for five months effective May 1. Staffers earning six figures make up “just under half the company,” according to the New York Times.
Lynch also said in his memo layoffs are to be expected in the next month, however, they are a “last option” and the company will consider relief programs and stimulus packages for those who are furloughed or laid off.
The company will also implement shorter work weeks of three to four days for staffers in markets like the U.K. and in Europe “where government programs and stimulus packages can help supplement employees’ earnings.”
Despite heightened media consumption at a time when many Americans are working from home or are unemployed due to the pandemic, Condé joins a number of media companies that have announced salary cuts and furloughs in recent weeks. American Media, the tabloid publisher of Us Weekly and In Touch, will reportedly cut employee salaries by 23 percent.