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Portfolio Folds; USA Today Fills Publisher And Editor Openings
April 28, 2009 Portfolio has folded, and in the end, the closure was inevitable: Conde Nast's two-year-old business mag, which cut 20 percent of its staff and reduced its frequency to 10 issues per year from 12 in October 2008, was shuttered Monday when company chairman Si Newhouse gave up on the $100 million endeavor. (BusinessWeek's Jon Fineput the price tag at $150 million.) Despite the fact that the book earned a National Magazine Award during its short life and boasted Tina Brown as a fan, advertising pages from January through the April issue dropped 61 percent over the same period in 2008. The 85 remaining staffers ...
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