As part of McKinsey's three-month examination of Conde Nast's financial operations (the evaluations end next week), a selection of magazines have been asked to cut budgets by about 25 percent, according to the New York Observer. Teen Vogue is believed to be in that group, the Observer's report continues, but it's unknown if Vogue or W are.

Although top executives have not come out with specifics on any cuts, sources say that money could be tightened by lessening expenses, eliminating freelance work, laying off employees or putting out less issues a year. Conde Nast CEO Chuck Townsend has said there are no plans to fold more magazines.

The masthead at Teen Vogue already seems to be changing, though. Senior fashion editor Aya Kanai has become West Coast contributing fashion editor, and Taylor Tomasi, formerly accessories director, has transtioned to Marie Claire as style and accessories director. Teen Vogue's Joanna Hillman, senior fashion market editor, has moved to Harper's Bazaar and was seen with the Bazaar crew all through New York Fashion Week, according to Fashionologie. Are anymore changes in the wind?