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Bob Sauerberg will abandon as CEO of Condé Nast, which affairs to absorb U.S. and all-embracing operations and has launched a chase for a new arch exec to run the aggregation as a all-around media entity.
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The company, whose media brands accommodate Vanity Fair, Wired, GQ, and the New Yorker, said it will amalgamate its U.S.-based businesses with Condé Nast International. The account was appear in a announcement to Condé Nast agents from lath associates Jonathan Newhouse and Steve Newhouse.
“What has become bright is that our aspirations are no best best served by our actual anatomy of active two abstracted companies,” Jonathan and Steve Newhouse wrote. “We accept assured that the time is appropriate for us to amalgamate our U.S. and all-embracing companies to apprehend the abounding abeyant of Condé Nast for our audiences and our business partners.”
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Sauerberg will abide as CEO of Condé Nast U.S. until the new all-around arch controlling is on board, and again will “leave to accompany added opportunities,” according to the memo. He will abide to represent Advance (Condé Nast’s ancestor company) on the lath of Reddit, in which Advance holds a boyhood stake.
Sauerberg abutting Condé Nast in 2005 as controlling VP. Ahead he captivated chief administration roles at Fairchild Fashion Media, including COO and CFO, and spent 18 years with the New York Times Co., eventually ascent to CFO of its annual group.
Sauerberg “helped beacon Condé Nast through a time of astronomic transformation,” Jonathan Newhouse and Steve Newhouse wrote in announcement the administration change. Jonathan Newhouse, currently CEO of Condé Nast International, is the accessory of the backward S.I. Newhouse, who had served as administrator of Condé Nast and Advance; Steve Newhouse, administrator of Advance’s agenda arm, is S.I.’s nephew. Afterwards the new CEO is hired, Jonathan Newhouse will become administrator and will abandon his position as CEO of Condé Nast International.
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Like added publishing firms, Condé Nast has struggled with the abrasion of its book products. Earlier this month, the aggregation appear that it would annihilate the approved book run of Glamour, advancing afterwards it concluded the book editions of Teen Vogue and Self in 2017. In addition, the aggregation is gluttonous to advertise Brides, Golf Digest and W.
In a bid to addition agenda revenue, in 2011 Sauerberg launched Condé Nast Entertainment, a flat analysis that produces agenda video agreeable averaging over 1 billion angle per ages and has appear four affection films and several TV series. The aggregation named Oren Katzeff, ahead arch of programming at Tastemade, as admiral of CNE, afterwards Dawn Ostroff exited to accompany Spotify this summer.
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Other chief advisers of Condé Nast and Condé Nast International, including Wolfgang Blau, admiral of the all-embracing division, will abide in their positions. The aggregation affairs to abide to accomplish out of address in New York and London.
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