Word: portfolios
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Dates: during 2000-2009
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...Portfolio •folding of by Conde Nast...
After less than two years - albeit two very splashy, highly commented upon years - Portfolio magazine is closing. Since its revenues for the first quarter of this year were almost 61% lower than they were for the same period last year, the news is not that surprising. But it's still a spectacular flameout for a title that started with such fanfare - and a reported $100 million slush fund - a mere 21 issues ago. Where did all the money...
...Portfolio was supposed to bring the flair of Condé Nast (whose premier titles include Vogue, Vanity Fair and Glamour) to the drab, buttoned-up world of business journalism. So big-name writers and editors were lured away from prominent publications, including editor in chief Joanne Lipman, who came over from the Wall Street Journal. She got the usual Condé Nast perks: a car and driver, an office decorated in the style of her choice, business- or first-class plane tickets everywhere. (See the best magazine covers of the past year...
...Moreover, Portfolio never seemed to find an editorial voice that distinguished it from other business publications or to draw in crucial new readers or advertisers to the category. "Every time I saw another unfortunate portrait on the cover of someone 'venerable' - Sumner Redstone? Barry Diller? Really? - I thought about what could have been," says Jeff Chu, a writer who left TIME to work on the Portfolio launch and jumped ship after the first eight months. But more daring editorial choices, like December's cover subject of Dov Charney, the controversial CEO of American Apparel, came across as ill-timed...
...high-profile failure bringing relieved smiles to execs at other business magazines? Not so much. More like there-but-for-the-grace-of-God head-shaking. Andrew Serwer, managing editor of Portfolio competitor Fortune, declined to gloat at the news: "I feel bad anytime any magazine closes and people lose their jobs," he said...