The New York Times' Edmund Lee and Sapna Maheshwari report on $120 million in losses for Conde Nast in 2017 and say in an effort to bring in more revenue, the company will be trying to sell three magazines, including Golf Digest.
The $120 million loss in 2017 was the result of a sharp decline in the ad revenue generated by the print magazines. Gains in the digital arena have offset the loss, but not enough to make the company profitable.
Based in part on the recommendation of Boston Consulting Group, the three magazines that the company will try to sell are Brides, Golf Digest and W, the three executives said.
John Wagner, who oversees ad spending at the media agency PHD, questioned the company’s strategy, saying that Condé Nast can be “quick to close things, versus trying to find a solution.” He added, “I’d like to see them continue to invest — keep the brands alive, even if you have to change their rate base or publishing frequency.”
Conde Nast purchased Golf Digest in 2001 for an undisclosed price, though the number is believed to have been several hundred million dollars.