News & Scoops

2009 April 27

Portfolio Closes

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(NEW YORK) After months of rumors and speculation following layoffs and significant decreases in ad pages, Condé Nast has finally closed business news magazine Portfolio. S.I. Newhouse broke the news to EIC Joanne Lipman this morning, who informed her staff--including media writer Jeff Bercovici, who blogged about the closure on the soon-to-be shuttered website. “For nearly two years I’ve been covering the media industry’s bad news on this blog, including some that’s hit very close to home,” he wrote. “Now it hits closer still: Condé Nast Portfolio is closing. Our editor in chief, Joanne Lipman, just broke the news to staff, saying the decision had been made ‘because of financial reasons at Advance,’ Condé Nast’s parent company.”

Condé Nast Group president David Carey also released a statement this morning. “Earlier today, Conde Nast announced, quite regrettably, that it is pulling back from its investment in Portfolio,” he said. “For this high-profile, 21-issue launch, the recession has helped and hurt the brand. While the unprecedented nature of these times has made business and the economy the main topic of conversation, it has also led to high levels of uncertainty and a tremendous reduction in ad spend in the five key sectors Portfolio’s business model depends on. The company is deeply grateful to Portfolio’s readers and for the broad support of marketers and executives all around the country.” The good news? Some excellent talent is available for hire...

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