UPDATE: Condé Nast Pulls Plug On Portfolio And Some 80 Jobs; Website’s Odds Of Survival Slim

imageUpdate: While Portfolio is done as a print publication, discussions are still ongoing about the fate of its website. Two senior executives at Conde Nast involved in those discussions but who don’t work at Portfolio said they believe the chances of Portfolio.com getting a second life are remote. As for the some-80 staffers at the magazine and site, an unspecified few will be transferred to other posts within the company, the sources told paidContent.

Original post: Condé Nast has decided to shutter Portfolio after two years of struggle. The magazine reports on its own demise here, as does NYT. Portfolio.com blogger Jeff Bercovici writes that editor in chief Joanne Lipman told staffers this morning that the decision had been made “because of financial reasons at Advance,” Condé Nast’s parent company. “It’s not anything that the company wanted to do.” She said she was informed by Condé Nast chairman S.I. Newhouse Jr. of the decision this morning.

David Carey, Condé Nast