The Wall Street Journal reports on Condé Nast achieving profitability

The Wall Street Journal reports on how Condé Nast turned a profit last year.

Condé Nast's CEO Roger Lynch said in an interview with the Wall Street Journal that subscriptions and memberships increased by 14% last year from a year earlier and that growth from digital paywalls had contributed to the company’s return to profitability. Condé Nast had a global digital audience of 360 million monthly average readers last year, he said, a number that excludes the Chinese market.

The company's consumer business, which includes revenue from subscriptions and e-commerce, currently accounts for about a quarter of its global revenue, Mr. Lynch said in the interview. The goal in the next four years is for that unit to generate one-third of the company's revenue, he said.

"Mr. Lynch said Condé Nast plans to invest in or possibly acquire companies that produce quality journalism, businesses that complement its subscription offerings such as exclusive membership programs, and technology that supports video or e-commerce capabilities."

"We are definitely starting to turn our sights externally and consider M&A," he said, adding that the company hasn't allocated a specific amount of capital for deals.

This article was published by the Wall Street Journal on 17 February, 2022. Read it here.