Conde Nast Ceases Publication of Portfolio
Posted on May 1, 2009
Conde Nast is ceasing publication of its business magazine, Portfolio, effective with its May issue. Portfolio.com will close in the second quarter of the year. Charles H. Townsend, President and CEO of Conde Nast made the announcement.
"The pressures and realities of the continuous deep economic slump have lowered Portfolio's revenue projections below what is needed to continue publication," Mr. Townsend said. "Portfolio was an ambitious and innovative magazine and website, and we were proud to publish them. The challenges facing this launch however proved too great. Joanne Lipman is an extraordinarily skillful editor and William Li is a very talented publisher. We thank them and their staffs for their tremendous efforts. It is unfortunate we were unable to give Portfolio the time needed to fully mature."
Portfolio and Portfolio.com were launched in May 2007. The magazine was publishing 21 issues since its launch. Dealbook notes that the circulation frequency was recently reduced to just 10 issues a year.
