US publisher Condé Nast is to put three of its magazine assets up for sale in an effort to contain a rising tide of losses following an exhaustive appraisal of its current business.
Best known for publishing the likes of The New Yorker, Vanity Fair and Vogue, the publisher's stateside arm has already taken steps to transform itself into a mass media giant via a digital transformation, but concedes it must go much further if it is to survive.
As it eyes a sale of the US version of Brides, Golf Digest and W, Condé Nast will continue to cut its cloth elsewhere in an effort to balance the books, including leasing out six floors of its flagship HQ at One World Trade Centre.
Last year, the US business was forced to lay off 80 employees as well as shelving the print editions of Self and Teen Vogue in an effort to reign in costs along with other measures, including the merger of photo and research departments of different magazines.
But loses still amounted to $120m over the year.
Condé Nast has struggled to adapt its successful print model for the social media age, suffering sharp declines in revenue and ad sales as readers migrate to digital platforms.
Speculation has been swirling around the future of Vogue editor and Condé Nast artistic director Anna Wintour, but president and chief executive Robert A. Sauerberg has sought to dispel such notions, insisting that Wintour had agreed to serve her current role "indefinitely".