NEW YORK: Conde Nast will cease publication of its Portfolio monthly magazine, effective immediately. The magazine's last issue was the May publication; its Web site, Portfolio.com, will close during the year's second quarter.
In a statement, Charles Townsend, president and CEO of Conde Nast, blamed the recession for the closure.
"The pressures and realities of the continuous deep economic slump have lowered Portfolio's revenue projections below what is needed to continue publication," he said.
Portfolio published 21 issues.
The publisher announced the shuttering to media outlets and consumers via a press release, and Portfolio.com featured a prominently placed blog post by media writer Jeff Bercovici on its homepage. Editor-in-chief Joanne Lipman told staff members of the decision.
Maurie Perl, SVP and chief communications officer, declined further comment but said that the company is "working feverishly with the press" via e-mail.
Conde Nast folded Domino and Golf for Women magazines in the past year. It also laid off a portion of the Portfolio staff last year, and cut the magazine's frequency to 10 issues per year.