Slashing costs at the mag is credible as a move by NewsCorp.
Labor is the #1 cost.
I have heard for years that the magazine was a money loser, or at least not a money maker, and that the Nat Geo organization has considered folding it many times.
They make more return on their TV cable channel, which features mostly junk programming that has 21 minutes of commercials per hour.
To me the "photography" has been overrated, but the coverage of global environment issues has been excellent. "Excellent" environment coverage is, necessarily, mostly bad news...and that's what I'll be watching for: a change to that editorial policy.