Posted 3/22/2024, 11:02:00 AM
Condé Nast Parent Company Profits $2B From Reddit IPO Amid Layoffs, Sparking Backlash
- Condé Nast parent company Advance Publications made $2.1 billion from Reddit's IPO
- This comes as Condé Nast plans layoffs of nearly 100 employees (about 5% of staff)
- Condé Nast missed revenue targets but said no further layoffs planned, then added 5 more to layoff list
- Advance's windfall while laying off staffers creates optics issue for Condé Nast
- Union says Advance's billions show where Condé's priorities are, should invest in workers not threats
