2-year-old Portfolio will close
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LOS ANGELES - The business magazine Portfolio is closing down and laying off more than 80 people, two years after its launch with visions of becoming a high-end rival to Fortune, Forbes, and BusinessWeek.
Conde Nast Publications Inc. yesterday said it will close Portfolio and Portfolio.com because of the advertising downturn. The May issue will be the last.
Portfolio began with a $100 million bankroll. Conde Nast is known for having patience with unprofitable magazines. But the company said the ad downturn pushed the prospects for Portfolio's profitability too far into the future.
David Carey, a group president at Conde Nast, said the company was satisfied with Portfolio's circulation of about 450,000. But he predicted that advertising would not recover quickly even after the economy improves.
Conde Nast, which also publishes The New Yorker, is a unit of Advance Publications Inc.
