Condé Nast has shuttered Portfolio magazine, it was announced Monday morning.
The magazine, which launched in April 2007, cut to ten issues from 12 in October. Since then, it has been reported to be Condé Nast's hardest-struggling magazine and, in April, published Condé Nast's slimmest magazine ever.
Monday morning, editor Joanne Lipman broke the news to staff. Portfolio.com's media blogger, Jeff Bercovici, writes:
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.
Condé Nast Publications Group President David Carey issued the following statement:
Earlier today, Condé Nast announced, quite regrettably, that it is pulling back from its investment in Portfolio.
For this high-profile, 21-issue launch, the recession has helped and hurt the brand. While the unprecedented nature of these times has made business and the economy the main topic of conversation, it has also led to high levels of uncertainty and a tremendous reduction in ad spend in the five key sectors Portfolio's business model depends on.
The company is deeply grateful to Portfolio's readers, for the support of its many friends in the advertising community who worked so closely with Joanne Lipman and William Li, and to the many journalists who keep such a keen interest in all things related to this introduction.
The company closed popular Domino magazine in January.