Pros
Well known organization, great benefits, higher salaries than similar companies, beautiful working space, flexible with vacation (depends on the publication), hours, etc, great cafeteria, private gym w/ low membership fees, great publications, the opportunity to work with some really smart, accomplished and generous colleagues
Cons
Advancement totally depends on what department you're in and who you're working with/for; upper management keeps employees in the dark; quality of life greatly depends on which magazine you work for; lack of diversity at many publications; employees made to exit through the back/side door during certain events (one example--the opening party for the new tower which few employees were invited to) this isn't exactly a morale booster; severance packages could be much better (except for top execs who get bonuses) ; only senior employees seem to be valued within the larger organization (this is not necessarily the case at individual publications); larger organization isn't terribly compassionate as a whole.