NEW YORK (CelebrityAccess MediaWire) — Conde Nast has announced that they are ceasing publication of their high-end business journal, Portfolio.
Led by former Wall Street Journal editor Joanne Lipman, the magazine was launched in April of 2007 with an estimated budget of more than $100 million according to New York Magazine. The magazine covered business and cultural news and also operated a corresponding website that played host to content such as Jeff Bercovici's media blog.
The launch of the magazine seemed to fly in the face of conventional logic as many similar publications such as Forbes and Fortune were struggling to find advertising dollars.ere struggling to find advertisers.
In reporting on its own demise, Portfolio said that the decision to pull the plug had been made at Advance, Conde Nast's parent company while Forbes, reporting on the magazine's Q1 results cited a 60% decrease in ad pages and a decline in unique web visitors of 20%. – CelebrityAccess Staff Writers