After much chatter this was coming, Conde Nast has officially ended the 21-issue run of Portfolio, its upscale business magazine. The news release is now out:
For Immediate Release
April 27, 2009
CONDÉ NAST WILL CEASE PUBLICATION OF PORTFOLIO AND PORTFOLIO.COM
Condé Nast will cease publication of Portfolio effective with its May issue and Portfolio.com will close in the second quarter of the year, it was announced today by Charles H. Townsend, President and CEO of Condé Nast.
“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 has published 21 issues since its launch. The magazine received a National Magazine Award in 2008 and has been nominated for multiple awards since.
Condé Nast Publications, a unit of Advance Publications, includes consumer magazines, Condé Nast Digital, the Fairchild Fashion Group, the Condé Nast Media Group, and the Shared Services Centers.