Never say never: Condé Nast, which is closing down its Portfolio business magazine, has decided not to turn off the lights at Portfolio.com. Instead, it is shifting control of the Web site–essentially, the Portfolio.com address and a couple years of archived content–over to American City Business Journals, its corporate cousin in the Advance Publications family.
Condé Nast is shuttering its troubled Portfolio title and accompanying Web site. The publisher informed its staff of the decision at a meeting this morning. “The company is deeply grateful to Portfolio’s readers and for the broad support of marketers and executives all around the country,” says publisher David Carey.
More cuts at Condé Nast: The publisher will fire most of the staff of its Portfolio.com Web site, which is run separately from its sister print publication. The site’s editorial staff of roughly two dozen will be shrunk down to “single digits,” says a source at the company. But Condé Nast managers haven’t told Portfolio.com staffers who’s staying and who’s going.
Time Warner’s Time Inc. won’t be the only magazine publisher making cuts this fall: Condé Nast is trimming its sails, too. The privately held publisher is reportedly telling every one of its titles to cut five percent from both its editorial and business ledgers, a number that MediaMemo hasn’t been able to confirm.
But I can tell you that the staff at Portfolio, Condé’s business magazine, launched with equal parts fanfare and controversy last year, has been summoned to an all-hands meetings that should be starting … now. I’ll pass along more details as I get them.
What does Condé Nast publisher David Carey know that everyone else doesn’t? And who are these bullish advertising clients he’s talking to? Live from paidContent’s “Future of Business Media” conference, it’s … hope?
Peter Kafka has been covering media and technology since 1997, when he joined the staff of Forbes magazine. Most recently, he has been the managing editor of the tech and media Web site, Silicon Alley Insider.
Here is a statement of my ethics and coverage policies. It is more than most of you want to know, but, in the age of suspicion of the media, I am laying it all out.
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