Conde Nast feeling the pain, too

MAGAZINES are also feeling the pain of the economic downturn.

Elite American publisher Conde Nast has revealed in a blog, of all places, that it is about to close its third magazine in recent times.

Portfolio magazine, which focused on personal investment, business news and business travel, is closing after its editor-in-chief Joanna Lipman said in her blog that there had been a “sharp and extended downturn in ad revenue”. According to reports on several websites, this was the first that magazine staff knew of the closure.

Portfolio is published by Advanced Publications, owned by Conde Naste.

Conde Naste has closed magazines Dominion and Golf for Women in the past 12 months.

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