Conde Naste is rebalancing its portfolio, with consulting firm McKinsey & Company at its side. The global strategy-guru firms (McKinsey, Bain & Company, etc.) are like the Big 8 (now 4 and counting) accounting firms that bring “credibility” to management’s decisions. If the esteemed McKinsey & Company said to get rid of Gourmet Magazine, it must make sense. But does it> A Business Model Framework Out of Step with the Times Some context: The Conde Naste business model is failing on the profit front for two reasons. First, Web 2.0 and now Web 3.0 is revolutionizing media. More important, the recession is shrinking advertising pages. Conde Naste’s strategy is to reduce brands in each content category, with the larger circulation brands surviving as they offer, at least in today’s dollars, more advertising revenue. So we will have fewer bridal magazines and one less…