After two years and reports of roughly $100 million spent, Conde Nast has shuttered Portfolio, its upscale business glossy. As the magazine folds, executives will cite the sinking ad market, which of course is partly to blame.

But Portfolio, which had the financial backing from Si Newhouse to hire just about anyone in business journalism, never really caught on, or had a strong sense of urgency -- that's despite having the advantage of being a business magazine amidst financial collapse. (The Dov Charney cover is just one example of questionable leadership atop the masthead).

As I reported for the NY Observer, staffers doubted Joanne Lipman's stewardship of the magazine both before and after the April 2007 launch. The magazine launch was largely panned among media watchers, and rumors swirled about Lipman's job throughout Portfolio's short existence.



While flush with cash, Portfolio tapped Matt Cooper as the magazine's Washington editor a few years back, but never maintained a large presence in the capitol. (Cooper still has a gig with TPM, although in a reduced capacity). Investigative reporter Doug Frantz was laid off in November as the magazine tried scaling back, and later headed to Kerry's Foreign Relations Committee.

Cooper's response on Twitter: "Well, it was fun while it lasted."

comments closed

permalink