Conde Nast has a problem unique among Old Media companies — they’re out of ad space — “premium” ad space that is:

As much as that might sound like closeout-sale speak, it’s actually a positive sign, and an indication that the company’s $3.5 million marketing campaign might have been worth the investment. “Out of inventory” supposedly refers to excess demand from advertising clients for premium ad space, and it’s fueling a corporate push to move further into television and the Internet.

In other words, their out of Old Media ad space, which is why they’re falling over themselves to get into the digital video business. Thanks to broadband, forward-looking publishers like BusinessWeek have been able to extend their brands into video, and now the rest of the publishing world is rushing to catch up. Of course, “publishing” video requires a whole new skill set, which is why Conde Nast “hired Richard Glosser to be director of broadband strategy for Condé Net, charging him with bringing more video to the company’s Web portfolio.”

As print publishers attempt to transform themselves into digital media companies, they will need to rethink their entire organizational structure. Print journalists don’t “do” video by nature, but that doesn’t mean they can’t learn (along with blogging, podcasting, etc.).

Conde Nast may be out of ad space, but they’ve still got plenty of clever PR maneuvers left to “sell.”