Context:

Condé Nast's golden era was characterized by lavish spending and extravagant lifestyles, particularly during the 1990s and 2000s, under the influence of influential editors like Anna Wintour and Graydon Carter. This opulence was part of a strategic illusion to sell aspirational lifestyles to readers and advertisers, which eventually became unsustainable with the rise of the internet and economic downturns. The company has now significantly downscaled, with many magazines ceasing print operations, and the once grandiose perks have disappeared. Despite this decline, Condé Nast's legacy persists in the status-driven culture it helped cultivate, though the media landscape is now dominated by digital platforms and social media influencers. The Newhouses' investment in Reddit has provided a financial lifeline, contrasting the opulent past with a more democratized and cost-effective media future.

Dive Deeper:

• Graydon Carter's tenure at Vanity Fair epitomized Condé Nast's extravagant culture, with high expenses on photo shoots, luxury travel, and other lavish perks, which were justified by the need to maintain the magazine's aspirational image.

• During its peak, Condé Nast was a powerhouse of influence with magazines like Vogue, Vanity Fair, and GQ serving as cultural gatekeepers, but this influence came at the cost of significant financial expenditure that was unsustainable in the long run.

• The economic crisis of 2008 and the advent of the internet marked the decline of Condé Nast's traditional model, leading to closures and layoffs as print advertising revenues dwindled and the company struggled to adapt to the digital age.

• Anna Wintour's announcement of stepping back from her role as the editor of American Vogue symbolizes the end of an era, although she remains a significant figure in the company's operations, overseeing its global editorial direction.

• Despite its reduced scale and influence, Condé Nast's cultural impact remains evident in modern media's obsession with status and celebrity, a world it helped shape through its past editorial choices and lavish lifestyle portrayal.

• The acquisition and eventual success of Reddit have provided Condé Nast with a substantial financial return, highlighting a strategic pivot towards digital media, which contrasts sharply with its historically lavish, print-focused operations.

• The company is now focused on adapting to new media trends with mobile-first strategies and live experiences like Vogue World, attempting to maintain relevance in a rapidly evolving digital landscape.