Conde Nast Shuttering Two-Year-Old Portfolio Magazine

Authored by Mark Hefflinger on April 27, 2009 - 7:41am.

New York - Publisher Conde Nast announced on Monday that it will shutter its two-year-old Portfolio business magazine, citing "financial reasons at [parent company] Advance," the magazine's website reported, citing editor-in-chief Joanne Lipman.

"It's not anything that the company wanted to do," Lipman told Portfolio.com.

The magazine won a National Magazine Award, but like the rest of the industry, has suffered a decline in advertising revenue.

TechCrunch noted that Conde Nast spent $100 million to launch Portfolio, poaching writers from publications including Fortune, Forbes and Business Week.

Related Links:
http://snipurl.com/guslj (Portfolio)

http://www.nytimes.com/2009/04/28/business/media/28mag.html

http://snipurl.com/gut5h (TechCrunch)