Condé Nast closes 'Portfolio'
Condé Nast Portfolio, the high-profile, serious business, monthly magazine, has announced its closing on April 27, 2009.
Portfolio held a 100-person editorial staff under the leadership of editor-in-chief, Joanne Lipman. The launch of the magazine drew heavy coverage for the estimated $100 million budget when it debuted in April 2007. The closing of the magazine does not come as a huge surprise, for in October of 2008 it was announced that due to the economic climate Portfolio would be scaling back it's publication frequency from 12 to 10 times a year.
In a blog post from Portfolio contributor, Jeff Bercovici, announced that the magazine will be closing. He expanded saying that editor-in-chief, Joanna Lipman, just broke the news to the staff.
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. "It's not anything that the company wanted to do." She said she was informed by Condé Nast chairman S.I. Newhouse Jr. this morning of the decision.
Lipman said the magazine is ahead of its business plan on various business metrics, and also noted that it won a National Magazine Award last year after publishing only a handful of issues, a rare accomplishment. But a sharp and extended downturn in ad revenue has made success elusive. Over the past year, Condé Nast has made a series of other cutbacks, and has folded Domino and Golf for Women magazines.
Condé Nast remains one of the largest worldwide magazine publishing companies with a revenue upwards of $5 billion.