• New York Observer, Monday, July 20, 2009 10:05 PM

It's the biggest step Si Newhouse has taken to fix floundering Condé Nast; he hired management consultant group McKinsey & Company to help "rethink" how the company does business.

CEO Chuck Townsend says that the hiring of McKinsey, along with an internal review among Condé Nast executives and publishers, is necessary to "develop new perspectives" on how to generate money. "This is a considerable and complicated task, forcing us to rethink the way we do business in many instances and incorporate efficiencies in every step of our process," Townsend told employees in a memo.

Every magazine in the company, from The New Yorker to Vogue to Vanity Fair to the bridal magazines, will be included in the process. Townsend says a committee of employees would be involved, and McKinsey is charged with advising the review project.

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