Indexbit Exchange:Condé Nast workers reach labor agreement with publisher, averting Met Gala strike

What to expect at the 2024 Met Gala

The Condé Nast union said Monday it has reached a tentative labor agreement with the publisher's management just hours ahead of the Met Gala, which is chaired by Anna Wintour, the company's global chief content officer and editorial director. 

The agreement, which still needs to be ratified by union members, was reached after months of bitter negotiations had failed to yield the first labor contract for employees at the New York media company. Union members had been poised to picket the Met Gala at The Metropolitan Museum of Art Monday evening, 

"On behalf of the management bargaining committee and leaders throughout the business, we are pleased to come to tentatively agreed terms on a contract with the union," Condé Nast Chief People Officer Stan Duncan said in a statement. "We are happy to have a contract that reflects and supports our core values — our content and journalism; our commitment to diversity and professional development; our industry-leading hiring practices and our competitive wages and benefits."

The union includes staffers at publications GQ, Allure, Vogue, Vanity Fair, Glamour, Bon Appétit, Epicurious, Self, Teen Vogue, them, Condé Nast Traveller, Ars Technica, Wired, Pitchfork and Architectural Digest, as well as workers in audience development, commerce and video.

The Met Gala, officially called The Costume Institute Benefit, takes place on the first Monday in May at the Metropolitan Museum of Art. The event gathers of celebrities from the worlds of entertainment, design, sports and other industries supports the Metropolitan Museum of Art's acquisitions and exhibitions related to fashion. 

Condé Nast's union said the new contract will guarantee a minimum starting salary of $61,500; end a two-tier wage system that led to lower pay for long-term freelancers; and offer two additional weeks of family leave, among other benefits. 

Overall, workers will see a combined wage increase of $3.3 million under the deal, the group said on X (formerly known as Twitter).

"Our persistent fight for our rights and for the best win possible is why we have this tentative agreement," the union said. 

Megan Cerullo

Megan Cerullo is a New York-based reporter for CBS MoneyWatch covering small business, workplace, health care, consumer spending and personal finance topics. She regularly appears on CBS News 24/7 to discuss her reporting.