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It Could Get Condé Nasty

December 29, 2008
by Keith J. Kelly
Media Columnist, New York Post, Media Ink

Keith J. Kelly

Condé Nast Chairman S.I. Newhouse Jr. is slated to return from his extended annual European vacation next week and already insiders are growing nervous ahead of his “January surprise.”

The reason: Newhouse has been poring over the books at the glitzy empire that clears well over $2 billion a year–and the findings aren’t pretty.

According to sources, the trouble spots are rumored to include Sarah Chubb’s CondéNet Web operation, which has already absorbed year-end cuts with the shutdown of flip.com and other staff cuts within the online unit.

“Digital accounts for only 3 percent of their total revenue,” said one knowledgeable executive. “They don’t make a penny on digital–and they never have.”

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