Quelle horreur: Conde Nast is cutting the budget of all their high-class rags by 5% across the board! Five percent of payroll and 5% of every title's expense budget. And that goes for the editorial and the business sides. The Observer calculates that it will be impossible to accomplish the cuts without layoffs. One less assistant for Vogue's Anna Wintour! A slightly less long tail for Wired's Chris Anderson! And, worst of all: could this be the end of the long road to oblivion for that emasculating Wintour plaything, Men's Vogue [UPDATE: Sort of!]?

Executives are still figuring out what to do with Men's Vogue, and options have run the gamut, including the possibilty of folding it. One Condé Nast source said that it's likely that the magazine will scale back from publishing 10 issues a year to running only twice a year and it will give up its entire ad sales staff, with Vogue business staff handling the work.

Well, we warned you. Frutini lover Hud Morgan will have to find another outlet for his writing, in between bar fights. [NYO] [UPDATE: Fashionista says that Men's Vogue has officially been cut down to two issues per year.]