‘Portfolio’ shut; a victim of recession

‘Portfolio’ shut; a victim of recession
NYT
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First Published: Tue, Apr 28 2009. 11 08 PM IST
Updated: Tue, Apr 28 2009. 11 08 PM IST
New York: ‘Portfolio’, the ambitious, glossy business magazine from Conde Nast Publications, closed Monday after just two years. Joanne Lipman, editor-in- chief, and Tom Wallace, editorial director of Conde Nast, met with editorial staff members and announced that the magazine and its website, Portfolio.com, were shutting down, effective immediately. Most of the $100 million pledged toward the startup is gone, sunk into the very expensive printing, paper, marketing and editorial costs that go with creating a magazine, especially one published by Conde Nast.
Senior executives at the company made the decision to close Portfolio on Friday.
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First Published: Tue, Apr 28 2009. 11 08 PM IST