This must have been what it felt like to work on Wall St. a few weeks ago. After announcing company wide cutbacks this morning, followed by news that both Men’s Vogue and Portfolio were going to be scaled back there are rumors that Conde Nast is going to cut the portfolio.com website down to virtually nil. Peter Kafka at Media Memo is reporting that the website staff of roughly two dozen will be cut down to as little as three and that the decisions as to who will go and who will stay will be made over the next few days. Reports Silicon Alley Insider: “It’s a bloodbath,” we hear, “But a very slow and polite one.”
No doubt there are a lot of financial intricacies at work here that we have no idea about, but why you would want to cut the website of a publication geared to covering all aspects of the business industry during a financial crisis is really beyond us. Seems like the website was Portfolio‘s best, strongest chance at relevance. Stay tuned.
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