Tag Archives: Conde Nast Portfolio
Conde Nast, which announced earlier this month that it would launch a new business magazine called Portfolio in April 2007, wants to sell three industry publications — Supermarket News, Home Furnishings News and InFurniture, according to a story in Crain’s New York.
Reporter Catherine Tymkiw wrote that the publications three titles are part of the deal when S.I. Newhouse bought Fairchild Publications Inc. from the Walt Disney Co. in 1999 for a reported $650 million.
“While each of these properties plays a leading role in the markets they serve, they reflect areas of business to business publishing that are not key to our core mission,” said Group President Mitch Fox in an internal memo.
About 70 editorial and other staff will be affected by the sale. The company declined to say whether it has received any offers for the three magazines.
Read more here.
Media Life Magazine staff writer Samantha Melamed writes that despite the fears from other business glossies that Conde Nast Portfolio, a new business magazine that will debut next year, will take away advertising, the launch of a new biz pub means that the sector is vibrant and the new publication will attract new readers and advertisers.
Melamed quoted a number of executives in the business magazine industry who support her thesis. Among the quotes:
– Says Bill Kupper, president of Business Week: “It means that for all those doomsayers saying that business publications are going totally extinct, it’s just not true.”
– “I think the fact that Conde Nast has plans to launch a business magazine indicates that there’s room for growth in this sector for all of us,” says Jay Goldberg, publishing director for Inc. and Fast Company. “It reminds everyone that magazines are still relevant and a critical part of the media mix.”
–”We recognize that we serve a very time-pressed marketplace, which is why our stories are edited so tightly. Whether there is room in an executive’s day for a 12-page feature remains to be seen,” says Jim Berrien, president and publisher of Forbes.
Read more here.
Meanwhile, PR Week’s Hamilton Nolan writes that Conde Nast will spend $100 million on the new business magazine before it sees a profit, and that it will have to steal readers away from the big three — Forbes, Fortune and BusinessWeek.
He wrote, “CondÃ© Nast will have to either steal (a lot of) readers from the others; convince business types to add a fourth purchase to their roster of subscriptions, about which they are not too excited at the moment anyway; or pull in enough totally new readers to keep the new product afloat. The company has said that it expects at least 30% of its readership to come from the latter category. To do that, much of the $100 million will certainly be dedicated to the ubiquitous ‘branding initiatives’ that have become essential in the magazine space.”
Marketwatch media columnist Jon Friedman notes that the vast amounts of coverage being given the new Conde Nast business magazine has been primarily the result of the glossy playing journalists like a violin — my term, not his — by announcing the name, Portfolio, fully nine months before the first issue will hit newstands.
Friedman wrote, “Even hipper-than-thou Gawker did the unthinkable and published a piece on a Sunday. When I asked Gawker Editor Jesse Oxfeld why his online operation felt compelled to do something about it, he quipped by email: “Because it’s the most amazingly earthshatteringly excitingly paradigm-shiftingly buzzily grippingly fabulously compellingly interesting THING to happen to magazines. Ever.”
“Ultimately, of course, it won’t really matter much what Conde Nast calls the magazine. What will determine its success in a crowded marketplace and during an advertising revenue-challenged period is the quality of the contents.
“I doubt that anyone will ever race over to a newsstand to buy a business magazine because it may have a sexy title. If Conde Nast’s crack staff can create a buzz on day one and keep it going, the magazine will hit pay dirt.
“The Portfolio name, by the way, drew decidedly mixed reviews. Early reports concluded that it was infinitely better than some of the inferior ideas that Conde Nast was kicking around, such as Quote or Currency (Personally, I was rooting for Conde Nast to call it ‘Biz’).
“On the other hand, the naysayers said middle-of-the-road Portfolio struck them as a title so bland and rather uninspiring that it seemed perfectly suited for a mutual-fund trade magazine.”
Read more here.
Conde Nast Portfolio editor Joanne Lipman likely won’t be overseeing any stories in the magazine about the parent company or the Newhouse family, she told the Media Industry Newsletter. That’s unlike Fortune, which has regularly skewered parent company AOL Time Warner.
From MIN: “I love the challenge of creating a new product,” she says. “Yes, I did it at the WSJ, and I enjoyed it, but there it was with an existing staff. Hiring people here and all of us going through the process together is adding an exciting new dimension. It is also terrific that at CondÃ© Nast, editors get a lot of latitude. I knew that about David from his years at The New Yorker [vp/publisher from June 1998 through September 2005], and his respect for ‘church/state.’ That was a real draw for me to come here, and it will also be for others, as I am being swamped with rÃ©sumÃ©s from writers and editors with extraÂordinary talent. We are going to have exciting staff announcements.”
“One business subject presumably out of bounds at CNP is CN, which Lipman profiled on the front page of the January 11, 1996, WSJ. (Definitely makes her unique from Graydon Carter, David Remnick, and Anna Wintour.) “It was on the financials of a privately held company [she was the first to do an 'authorized' analysis of CN chairman S.I. Newhouse, Jr.'s bottom line], not on the editorial, which I’ve always respected.” This Thursday (June 15): Lipman’s first in a series of CNP “preview” luncheons/interviews with Google ceo Eric Schmidt at New York’s Four Seasons restaurant.”
Read more here.
Advertising Age’s Simon Dumenco takes a shot at both the New York Times’ business section and the new Conde Nast Portfolio, a business magazine slated to appear next year, in his latest column.
Dumenco writes, “Would it kill you, New York Times, to admit that your much-hyped ‘Market Gauges’ pages — the successor to the stock tables –are a failed experiment? Nice try, but a static collection of charts and graphs and stats rendered in gray-scale is useless. Just send everyone to your interactive, real-time, colorful, online market-data array at nytimes.com, and be done with it. You’re wasting your time, our time and newsprint.
“Would it kill you, Conde Nast, to cut the self-congratulatory blather surrounding your distant-future business magazine? Glad you finally settled on a name — Portfolio. Yippee. But with the hype dial already cranked up to 11, you’re straying dangerously close to Talk magazine overkill territory. And since when is underscoring how excruciatingly slooooowwwww you are a good idea? April 24, 2007? Hollywood blockbusters with casts of thousands get made quicker than Portfolio. Chill out on the drum-beating and focus your energy on making a brilliant magazine, please.”
Ouch. Read more here.
According to Media Life’s Samantha Melamed, new business glossy Conde Nast Portfolio will need to have journalism that will distinguish itself from others in the group.
Melamed wrote, “The challenge for the new monthly title will be to present readers the sort of engaging journalism that will separate it from the slew of existing titles, led by Forbes, Fortune and Business Week, which are either weeklies or biweeklies, as well as The Wall Street Journal and the business pages of The New York Times. It will also be competing with the personal finance titles, such as Money and Smart Money.
“Portfolio faces a similar challenge with advertisers: wooing away ad pages at a time when more and more business advertisers are trimming print budgets for online. In first quarter 2006, ad pages were down 3.5 percent year to year for business titles and 3.1 percent for personal finance titles. Conde Nast will target business advertisers and consumer advertisers of the sort that now fill the pages of its other titles.
“Next spring, the magazine’s site, cnportfolio.com, will also join the existing business titles’ squabble for online market shareâ€”where the category’s top magazines have seen strongest growth recentlyâ€”with interactive features and online-only content.”
Read more here.
The new Conde Nast business magazine will be called “Portfolio,” and the first issue will be published for May 2007, according to an article in the New York Times on Monday. Its slogan will be “business intelligence.”
Reporter Katherine Seelye wrote, “Of CondÃ© Nast’s magazines, only a few â€” Wired, The New Yorker, Golf Digest and CondÃ© Nast Traveler â€” attract much business advertising, and CondÃ© Nast Portfolio is intended to fill that void. ‘This is a place where business advertising can find a home,’ Mr. Wallace said.
“Not only that, but adding CondÃ© Nast Portfolio to CondÃ© Nast’s portfolio is expected to help the company attract high-end advertisers who already have established relationships with its other high-end magazines. Portfolio expects men to account for 60 percent of its readership and for the median age of all readers to be 42, making the company, now heavy on women’s publications with fashion and beauty advertising, more appealing to a broader base of national advertisers.”
“The company, which could spend $100 million on the magazine before it becomes profitable, was so eager to get into the category that it initially considered buying Forbes, but it decided that it could start a new magazine for less.”
Read more here. The article states that the magazine could have 75 to 100 editors and writers. Among its current staff are Blaise Zerega, the managing editor of Wired, as managing editor, and Jim Impoco, the former Sunday Business editor of The New York Times, as a deputy editor.
Women’s Wear Daily is reporting Thursday that the much-anticipated new business magazine from Conde Nast is about to decide on its name, and the paper reports that it expects either Quote or Portfolio to be the choice, with Quote as the front-runner.
WWD reported, “A spokeswoman for the CondÃ© Nast Business Group wouldnâ€™t confirm the final choice, but acknowledged the magazine will be called one of the following: Quote, Portfolio, File or Currency. Sources familiar with the launch said recent internal discussions had narrowed that list even further, to just Quote and Portfolio, with mockup covers made of each and the majority of staffers favoring the Quote logo.
“A formal announcement is expected Monday, and a placeholder Web site will also go up that day, bearing the new logo and â€” finally! â€” giving some indication of what the magazine will contain.
“The drawn-out search to find an appealing and available title has apparently been fraught with legal issues for CondÃ© Nast (which also owns WWD). Among the additional names that were considered but ultimately cast aside were The Ticker (a business Web site already exists under that name); Tally (the trademark is held for business magazine use by an individual in Colorado); CondÃ© Nast Business (the favorite of at least one corporate executive); Bonfire; Scoop, and B, which was said to be an early suggestion from group publisher David Carey.”
Read more here.
The Conde Nast Quote trademark application with the U.S. Patent and Trademark Office can be read here. The Conde Nast Currency application, which is almost identical, can be read here. The Portfolio application can be found here. The Currency application was filed in November, while Quote and Portfolio were filed in April.
The New York Post reports this morning that the as-yet-unnamed Conde Nast business magazine that is about a year away from launching has hired its first writer.
Keith Kelly writes: “Joanne Lipman, the editor-in-chief of the still-untitled Conde Nast business title that is still a year away from launch, is staffing up. She has just raided Fortune magazine to hire Dan Roth as a new senior writer.
“‘That’s the rumor, and it is true,’ said Roth yesterday. He starts the new gig March 20.
“‘It’s a once-in-a-lifetime opportunity to go to a start-up magazine that is backed by Conde Nast,’ he said.
“Sources say that Conde Nast outgunned the New York Times, where Roth was in the running to replace Jim Impoco, the paper’s former Sunday business editor who earlier joined Lipman as the new mag’s executive editor.
“Roth, a one-time tech editor, has penned a slew of Fortune cover stories including an April 2004 feature on Donald Trump. More recently, in April last year he penned ‘Nike after Knight’ on the legacy of Phil Knight, and in January he co-wrote ‘Why There Is No Escaping the Blog’ with tech writer David Kirkpatrick.”
Before joining Fortune in 1998, Roth was a reporter for Forbes, where he worked for two years. He started his career with the Triangle Business Journal in Raleigh, N.C.
From 1999 to 2003, Roth appeared on TJFR Business News Reporter’s list of the top 30 business journalists under the age of 30. He has a bachelor’s degree in journalism from Northwestern University and lives in New York.