This summer, the New York Observer lost one of their star reporters to Conde Nast when the greatest magazine launch ever, Conde Nast Portfolio, grabbed up Gabriel Sherman for their staff.

Thanks to Nat Ives, we have now have the whole file full of new CN Portfolio staffers. Joining Gabe are a gaggle of other A-List reporters, including the New York Times' Kurt Eichenwald, Time's Matt Cooper, and of course, EIC Joanne Lipman. (Gotta' keep that Google search up.)

But today we, along with everyone else, learn that Gabe is not the only Observer gone the way of the glossy. Sheelah Kolhatkar, NYO's culture writer, is also leaving the weekly paper for a staff writer position at CN Portfolio.

Looks like quite a team, but everyone still better hit the ground running. There's only seven months left until the first issue comes out.

You'd think after writing for dailies and weeklies, seven months would be a solid amount of time to get the first few issues rolling — and to hire Katherine Seelye, Rebecca Dana, and Adam Fisher.

A Portfolio of 'Portfolio' Hires [Nat Ives, Ad Age]

Did anyone really think that, after throwing all that money into Portfolio, Conde Nast was going to be happy with a less-than-stellar staff? Nope. The in-the-works biz mag continues to beef up its staff, this time adding New York Times' star reporter Kurt Eichenwald.

You remember Eichenwald — he's the guy who saved that Justin kid from his online webcam porn rig, and then needed to enroll in months of psycho-therapy. Well, he's going to be hanging out at Conde now, working at CN Portfolio, the greatest magazine of the past 30 to 40ish years.

"[It's] the chance to be a part of one of the greatest magazine start-ups of my lifetime, to be there on the ground floor and have an effect on its direction."

Wow. And to think all this time we thought Cosmo Girl was going to be greatest launch in magazine history.

TIME TO GO [Stephanie D. Smith, WWD]

While Keith Kelly today leads with news about the U.S. version of OK! magazine supposedly being right on track (and not having burnt through its $100 million budget), the real news is the salmon-tinged depature of the New York Observer's Gabe Sherman, who's splitting the scene for – and where else is hiring like a Malaysian button factory? – Conde Nast Portfolio. The man who arguably has more folks blowing into his agape ears than any other media reporter joins Joanne Lipman's camp as a staff writer, where his knack for infiltrating the glossies and sometimes awkward deipnosophist behavior can become fully realized. The sad bit of news: He's leaving behind TV industry byline Rebecca Dana — though we've heard the softest of murmorings that a suddenly vacant WWD might be opening its doors.

Condé can do [Keith Kelly, NYP]