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Wednesday, April 29, 2009

Conde Nast pulls plug on high profile business magazine

Just two years ago, PORTFOLIO magazine was born in the midst of a business media boom. The idea of the parent company was to tap demand from mushrooming brokerage companies and provide a new venue for luxury advertisers. The market was largely male, and largely nouveaux riche -- and boy, though newly so, they were rich, rich, rich.

Now Conde Nast, suffering from a dearth of advertising spending right across its range of publications (which include Vanity Fair, The New Yorker, and Wired), is pulling the plug.
"It is unfortunate we were unable to give Portfolio the time needed to fully mature," said CEO Charles Townsend. More than 80 editorial and administrative staff will lose their jobs.

Ironically, one of the stories in the last issue is called Confessions of a TARP wife. "Forget the opera," runs the blurb. "Cancel dinner at Bouley. How life has changed since my CEO husband went on the government dole."

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