Portfolio Magazine to Fold
Happy birthday, Portfolio! Now, it's time to go.
Conde Nast said today that it is shutting down the two-year-old magazine that catered to the bigwigs of the business world. In a statement, Conde Nast Chief Executive Charles H. Townsend said: “The pressures and realities of the continuous deep economic slump have lowered Portfolio’s revenue projections below what is needed to continue publication."
The magazine and its Web site launched in May 2007. Staff was notified of the plans to close this morning.
Conde Nast has also recently shuttered the home furnishings magazine Domino and Golf for Women. Another one bites the dust.
-- Ylan Q. Mui
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