As McKinsey & Co. have wrapped up their tour of advice and reports at Conde Nast -- including reported recommendations of cutting an average of 25 percent from magazines' budgets -- it's been seeming as though the company would get through the year without another closure. But WWD's sources beg to differ.
This morning, WWD published a report quoting some "well-placed insiders" insisting that, in fact, the powers that be are still "considering closing some titles by the end of the year -- a decision that is likely to be finalized after the current sessions on 2010 budgets." Apparently closures would be an effort to avoid the kind of budget-cutting at other magazines that would sacrifice the basic quality of each publication. That said, WWD was careful to say that the company may decide to "tough it out" instead.
Needless to say, we'll be watching closely to see what happens over the next few weeks and keeping our fingers crossed that major closures aren't on the horizon.