Condé Nast to shut Portfolio magazine
source: http://www.bizjournals.com/washington/stories/2009/04/27/daily18.html
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- Kepano
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Condé Nast will shut down Portfolio, a two-year-old business magazine.
Advance Publications, which owns Condé Nast, also owns the parent of the Washington Business Journal.
A blog report on the Portfolio Web site said workers at the magazine were told about the closure on Monday morning. The magazine had already been set to drop from 12 issues a year to 10 issues.
The report said the decision was made by Advance Publications.
Condé Nast also puts out the New Yorker, Vogue, Vanity Fair, GQ and Wired. It has 26 titles total and has told executives working there that they need to cut 5 percent from payroll costs and another 5 percent from other costs.
The shift towards online publishing — which is much less expensive than the traditional printing-press kind — hasn’t been enough to save many of these magazines from money pressures. They can’t yet charge enough for online ads to make up for plunges in print ad sales, and they may never be able to, since the two types of advertising are so quintessentially different.
Though Portfolio had a circulation around 400,000, reports said advertising sales fell by as much as 60 percent in the first quarter from a year earlier.
Advance Publications, based in New York, is owned by the Newhouse family.
Advance Publications, which owns Condé Nast, also owns the parent of the Washington Business Journal.
A blog report on the Portfolio Web site said workers at the magazine were told about the closure on Monday morning. The magazine had already been set to drop from 12 issues a year to 10 issues.
The report said the decision was made by Advance Publications.
Condé Nast also puts out the New Yorker, Vogue, Vanity Fair, GQ and Wired. It has 26 titles total and has told executives working there that they need to cut 5 percent from payroll costs and another 5 percent from other costs.
The shift towards online publishing — which is much less expensive than the traditional printing-press kind — hasn’t been enough to save many of these magazines from money pressures. They can’t yet charge enough for online ads to make up for plunges in print ad sales, and they may never be able to, since the two types of advertising are so quintessentially different.
Though Portfolio had a circulation around 400,000, reports said advertising sales fell by as much as 60 percent in the first quarter from a year earlier.
Advance Publications, based in New York, is owned by the Newhouse family.
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pjacobs51
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Another one bites the dust.
- 3 years ago
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pjacobs51
