Condé Nast Folds Portfolio | 04/27/2009 12:15 pm

Condé Nast Drops Portfolio Magazine

Editor-in-chief Joanne Lipman told staff this morning that Advance, Condé Nast parent company, cut the publication ‘because of financial reasons.’

By The Staff at wowOwow.com

Treasury Secretary Timothy Geithner

Cover of Portfolio's May Issue

Portfolio magazine has become the latest victim to fall in the tumultuous publishing industry.

Condé Nast, which launched the sophisticated business publication in April 2007, dropped the magazine because of "financial reasons." Portfolio’s media columnist Jeff Bercovici reported on his blog Mixed Media that an internal memo went out to staffers Monday morning telling them the sad news:

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.

Now, roughly 85 employees at the print edition and website, Portfolio.com, are jobless.