Condé Nast will shutter its $100 million business magazine, Portfolio, a source tells us.
Executives just finished a meeting to inform staffers. In the meeting, there was a round of applause for editor Joanne Lipman.
The news comes in the same month the magazine published Condé Nast’s thinnest monthly ever.
Reflecting problems the magazine sometimes had with staying on topic amidst the biggest financial story in years, the same issue carried Alaska governor and former Republican vice presidential candidate Sarah Palin on its cover.
Essentially, Portfolio was hatched for the boom and didn’t change directions quickly enough after the bust.
- An unpopular and perhaps ineffective editor, Joanne Lipman.
- An economic crises that wiped out financial advertising.
- The mag then compounded that problem by ignoring the crises with off-topic, untimely covers.
- A secular decline in general interest magazines.