Jeff Bercovici, Portfolio.com's Mixed Media blogger, broke the news at 10 a.m.: Condé Nastis shutting down Portfolio magazine and its website. Eighty-five people, including editor-in-chief Joanne Lipman and publisher William Li, have been let go.
This is a sad, sad day. I write this news with a heavy heart: I was at Condé Nast Portfolio for two years, before joining WalletPop, and I worked on the highly scrutinized (one might even say Gawked) launch of Portfolio.com in early 2007. The magazine's launch is generally estimated to have cost Condé Nast some $150 million.