Ruh-roh. According to Crain's New York Business, Condé Nast's Portfolio is hemmoraging advertisers. The magazine's second issue will close in two weeks with about 120 pages of ads — and the first issue had 185. Even given the traditional drop in advertising pages that magazines experience when they go past their first issue, a 65-page reduction is significant. Crain's spoke with an anonymous source at a major media-buying shop who explained why advertisers are fleeing:

"They expected a more hard-hitting, substantive business environment, and what they got was a fashion-centric, business-as-background type of Condé Nast title."

This is the latest news for the troubled magazine. There are also reports that staff members are unhappy with the leadership of editor Joanne Lipman, and Portfolio has also been taking hits for its hire of controversial writer Kurt Eichenwald.

Good times in Si Newhouse-land.

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