The publisher of magazine brands like Vanity Fair, GQ and the New Yorker has launched an outside search for a global CEO “with global experience” to run the combined Condé Nast and Condé Nast International.
“What has become clear is that our aspirations are no longer best served by our historical structure of running two separate companies,” stated Jonathan Newhouse, CEO of Condé Nast International, and Steve Newhouse, chairman of Advance’s digital arm, in a company-wide memo written on behalf of the Condé Nast board of directors.
“Our business is increasingly becoming more global, as we continue to innovate in video, agency, conferences, consumer products, data and other brand-aligned projects,” they wrote. “We have concluded that the time is right for us to combine our U.S. and international companies to realize the full potential of Condé Nast for our audiences and our business partners.”
After the global CEO is hired, Jonathan Newhouse will become chairman of the board of directors and will relinquish his position as CEO of Condé Nast International.
Jonathan is the cousin to Donald Newhouse (chairman of Condé Nast's parent, Advance Publications) and the late Si Newhouse, who as the publisher of Condé Nast built a magazine empire. Steven is the son of Donald Newhouse.
Sauerberg, who will stay on as the company transitions to a new CEO, will pursue other opportunities afterwards, including his representation of Advance on the board of Reddit.
Other members of senior operating management of both companies, including president of the international division, Wolfgang Blau, will remain in their positions.
The plan is for Condé Nast to continue to operate out of its headquarters in New York and London.
Condé Nast’s two arms have increasingly collaborated this year. In August, the company announced it was combining the U.S. and U.K. content creation teams of Condé Nast Traveller, under its British division.
At the time, Condé Nast stated that this was the first title collaboration between its U.S. and U.K. teams, and that “several new initiatives” are “set to launch” between Condé Nast and Condé Nast International, which is based out of London.
Condé Nast reportedly lost $120 million last year, and is looking to sell off three of its titles: Brides, Golf Digest and W.
Earlier this month, the Glamour brand ended its print run, following in the footsteps of Teen Vogueand Self in last year.
Sauerberg helped steer Condé Nast through a digital transformation in his 18-year career at the company. He grew Condé Nast’s brands into digital video, data and experiences.
Sauerberg was key in tripling audiences across the company’s titles, according to the the Newhouses in their memo.
In 2011, Sauerberg launched Condé Nast Entertainment, a production and distribution studio that produces digital video content averaging over a billion views a month.