Condé Nast plans to sell three of its signature magazines as losses continue to pile up for the embattled media company.
An insider told TheWrap Wednesday that the company will seek a buyer for Brides, Golf Digest and W Magazines after it reported $120 million in losses for 2017.
A rep for the company declined to comment or issue a statement.
The New York Times first reported the news.
It’s only the latest bad news for the company, which has laid off dozens and abandoned the print versions of Teen Vogue and Self in an effort to balance their books.
The Times reported that Condé Nast will have a company-wide meeting on August 8 after a dismal report from the Boston Consulting Group on the company’s finances. Flagship’s like The New Yorker and Vanity Fair would be moved from their homes at 1 World Trade Center as the company looked to lease some of their floor space to outside tenants, according to the report.
On Tuesday, the magazine’s Bob Sauerberg rebutted reports that Vogue’s longtime editor-in-chief Anna Wintour would be departing, and insisted that she would remain a creative force within the company “indefinitely.”
Statement from Bob Sauerberg, CEO, Condé Nast: "Anna Wintour is an incredibly talented and creative leader whose influence is beyond measure. She is integral to the future of our company's transformation and has agreed to work with me indefinitely…" 1/2
— Condé Nast (@CondeNast) July 31, 2018
The statement from Sauerberg was in response to growing speculation that Wintour had a foot out the door and that the latest Vogue cover would be her last.