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The last time consulting firm McKinsey & Co. showed up at Conde Nast headquarters at 4 Times Square, their fine-tooth analysis of the publishing company's books resulted in the closing of Gourmet, Cookie, Modern Bride, and Elegant Bride as well as many, many layoffs.
Welp, guess who's back in midtown? Yup. This time, it looks like McKinsey is working on Conde Nast's digital division. AdWeek reports that:
Asked for comment, a Condé spokeswoman described McKinsey’s effort this way: “This is not a company-wide effort or project. McKinsey is working with a single department with an eye towards growth, not cost-cutting or reduction.”· McKinsey Back at Condé Nast for Phase Three [AdWeek]
Since 2009, the company has instituted a push to decrease its reliance on advertising by bringing in more revenue from the consumer side of the business. To that end, editors and publishers have been charged with coming up with new business ideas.
But one executive says that there’s been a growing divide among those who have adapted to the new order and those who haven’t.
“The publishers who get it have embraced it,” the executive said. “The ones who don’t are struggling.”