Conde Nast, the media company that owns magazines like Vogue, GQ, and Vanity Fair, has announced that there will be pay cuts, furloughs, and possible layoffs amid the ongoing health crisis.
Anna Wintour, the longtime editor-in-chief of Vogue, is among the execs who will be taking pay cuts. The New York Times reports that her salary will be cut 20 percent.
Conde Nast employees who make $100,000 or more will have their salaries reduced by 10 to 20 percent for five months. It has been reported that this applies to nearly half of the company.
The Times says that Conde Nast will not directly ask for money from the government, but it will explore “the use of relief programs and stimulus packages in certain regions for furloughed or laid-off employees.”