Two-year-old "Harvard lifestyle" magazine 02138 has ceased publication. It's the second media casualty of the day. Manhattan Media, the local newspaper publisher that acquired 02138 back in May, issued a statement saying that "the current economic environment has made it too difficult to proceed at this time."

Just three months ago, Manhattan Media launched a high-profile effort to redesign the magazine. What went wrong?

Today, the statement said the cost of funding this "strategic vision... would by necessity have grown significantly and beyond the company's risk/return profile." Sounds like another case of insufficient ad sales.

There will be a final issue of 02138, but it won't be appearing on newsstands: Manhattan Media plans to release the issue currently in production as "a digital magazine so that the world has access to this issue of 02138 in its entirety." Editor David Blum did not respond to FishbowlNY's request for comment as of this writing; for now there's no word on whether he'll wind up in another role with Manhattan Media's New York Press where he was editor-in-chief before signing on for 02138's relaunch.