NEW YORK — The business magazine Portfolio is closing down and laying off more than 80 people, just two years after launching with $100 million in backing and visions of becoming a high-end rival to the likes of Fortune, Forbes and BusinessWeek. Conde Nast, the upscale magazine giant run by billionaire S.I. Newhouse Jr., said Monday that it would close Portfolio and because of the ad downturn. The May issue, on newsstands now, will be Portfolio’s last.
Portfolio began in May 2007 with a $100 million bankroll meant to last several years. Conde Nast is known for having lots of patience with unprofitable magazines. But the company said the ad downturn pushed the prospects for 450,000-circulation Portfolio’s profitability too far into the future.
“Our timing proved to be terrible in terms of building a big ad franchise from scratch,” said David Carey, a group president at Conde Nast. The Associated Press
