Via the release:

Condé Nast Portfolio has been chosen as the name of the new business magazine being developed by Condé Nast Publications, it was announced today by Joanne Lipman, Editor-in-Chief, and David Carey, Group President and Publishing Director, Business Media Group. The magazine will publish a premiere issue in May, 2007, on sale April 24th, and will begin monthly publication in September, 2007. A companion website, with unique content and interactive tools, will go live on April 24, 2007 at cnportfolio.com.

Condé Nast Portfolio will feature the high caliber of writing, photography, and design that readers of Condé Nast magazines have come to expect. Early circulation efforts will capitalize on the company's newsstand authority, and will also take advantage of Condé Nast's existing relationship with millions of top management readers, as well as the database of American City Business Journals, a unit of Advance Publications.

You read that right — 2007. It'll be interesting to watch Lipman, Carey and co. try to sustain the odd buzz generated over its name for another 10 months.