Have you ever picked up the inaugural issue of a brand new business-for-women magazine, weighing approximately 5-6 pounds, flipped through all the boring high-end advertisements (ooh! Luxury cruises you can't afford!) and then suddenly realized that the Michael Lewis sports/business hybrid article didn't actually make any sense, even though it was really long, and that you don't really care what Tom Wolfe thinks about Greenwich, Connecticut, anyway?
If so, you're probably on the edge of your seat, waiting for the second, do-or-die issue of Portfolio, to see whether Joanne Lipman has the chops to turn it around editorially—or at least the financial resources to "recruit" other, talented writers/editors who can.
And the good news is, you're not alone.
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]
Just breathe the name Portfolio and everyone in media jumps up and down like it's their freakin' quinceanera or something. Even us. (Seriously, we're jumping.) More because of the fact that Portfolio seems to actually understand this whole Internet thing.
Joanne Lipman has pulled two hotshots for her biz site: design director Robert Priest and Web editor Chris Jones. He had been working as a consultant for the publication, which is scheduled to launch in spring of 2007. And, man, are these people psyched about their artistic venture. Jones calls it "a huge opportunity to do something new, in this case something new and visually exciting that tells a story about how business is done." And Lipman couldn't agree more that Priest is the one to beautifully illustrate this story.
"Robert Priest is the Michaelangelo of magazine design," Portfolio editor in chief Joanne Lipman wrote via e-mail when asked about Priest's hiring. "He's done brilliant work on publications ranging from Esquire & GQ to H&G and Newsweek.
It sounds like their Website is going to be really, really pretty to look at. And with a gorgeous site like that, who needs reporters like Gabe Sherman?
Portfolio Names New Design Director [Michael Calderone, Media Mob]
Logging On [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]
Imagine you are an editor at Forbes, spending the past 20 plus years with the mag, only to get some lame title like "editorial director of radio and television." And imagine Graydon Carter comes along with an offer to join his new establishment, and take over the media one newsstand at a time. Are you really going to turn it down because some new money magazine might want you more?
No.
So who can blame Peter Newcomb, the Forbes "veteran" who will be joining VF as a senior articles editor?
Carter invented Vanity Fair's New Establishment list 12 years ago when many of the tech, info and entertainment figures on the list were in fact startling new faces of power and influence.
Now the New Establishment is in many ways the establishment.
"I want to bring it up to date, expand it and change," said Carter. Next year, the list will double in size to 100 names.
Seriously, did Joanne Lipman or Steve Forbes even have a New Establishment list? We thought not.
GIVING THE BUSINESS [Keith Kelly, New York Post]
Because we now have the pressure of holding onto the ranking as number one search result of Joanne Lipman, we figured we bring you the Portfolio gossip from today's Memo Pad.
The Conde Biz mag kicked off their launch with a non-extravagant Four Seasons lunch for potential advertisers. In a room spattered with journalists and CEOs, Lipman managed to impress with her upbeat attitude … which we hope was in overdrive to make up for the nasty sounding breaded fish.
And what do the other Condes think about Portfolio? Well, at least when it comes to fashion, not much.
At a race Wednesday in New York called the Media Challenge, in which various media companies compete against one another, all Condé Nast employees wore shirts with a corporate logo — except for the Portfolio runners, who had Portfolio logos emblazoned on theirs, with "We're Up and Running!" printed on the back.
Said one participant: "It was a little sad, really."
On one hand, we feel kind of bad for Portfolio — surely they have been banished with the New Yorker staff to the nerd section of the cafeteria. Then again, if there ever is a real competition, our money will go on the staff that actually eats.
GOOGLing Portfolio [Sara James, WWD]
Now that Conde Nast's new biz mag has been given the name Portfolio, we have a feeling people will pretty much stop caring about it. Business magazines have always been considered the least sexy of all the glossy publications (sort of like how we found out last night that Rodale throws the least sexy parties of all publishers); it really takes a lot to keep people's interest sustained.
But the new Conde Nast editor, Joanne Lipman has a plan — aha! — dangle the promise of a buzzed about staff in front of industry reporters.
It is also terrific that at Condé 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 résumés from writers and editors with extraÂordinary talent. We are going to have exciting staff announcements."
We really are aniticipationg the news. We've never been around for the building of a Conde mag before! Gosh, we just hope the promise of "exciting staff announcements" doesn't disappoint … like the way the name "Portfolio" did.
JOANNE LIPMAN DISCUSSES HER "PORTFOLIO," THEN ("WSJ") AND NOW (CN) [Min]
Despite the fact that business mags Forbes and Business Week aren't seeing much growth in recent years, Conde Nast has fearlessly entered the category with its new publications, (drumroll, please) Portfolio.
Originally rumored to be named Quote, EIC Joanne Lipman preferred the deep, multi-layered definitions of Portfolio for her new project. Yet, no matter what the mag is called, the New York Times suggests that it may be difficult to rise above a deflating magazine genre. However, the editorial director, Thomas J. Wallace wants to remind us all who we're dealing with here.
"Remember, you're talking to a former editor of Condé Nast Traveler, which launched in '87, and that, too, was a very large, very competitive category and we succeeded."
We guess they forgot to mention the fact that Si Newhouse has a enough cash to float a mag for a year without reaping any profits.
The Buzz of Magazineland Now Has a Name [Katharine Q. Seelye, New York Times]
Earlier: Conde Names Their New Biz Mag
Conde Nast's new biz magazine has been given a name. And while really thought Suri would be a fun choice, new editor Joanne Lipman wanted something a little more … down to business. So, what's the name they settled on? Well, we don't actually know yet … but they narrowed it down to four.
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.
We guess Quote is as decent of a name for a business mag as Suri, but, we're not sure we love it. Then again, we don't love the idea of Condes writing about money in general. Just start investing in Louis Vuitton and Ex-Lax now.
• Losing $30 million is OK at OK! The American version of the British important is expected to lose that much in its first year of operations, and that's just sunshine and pansies for owner Richard Desmond. [NYP]
• Conde Nast rising star Joanne Lipman is raiding her old haunt, the New York Times, for talent at the magazine publisher's new business division. Swept away is Sunday business editor Jim Impocco, which comes on the heels of long-time D.C. correspondent Todd Purdum heading to Vanity Fair for a national editor title. Also, Wired's Blaise Zerega moves laterally to a managing ed position a the new biz title, creating an incestuous bubble within an incestuous bubble. [NYP]
• One year ago today, Brian Williams sat his fanny down in the anchor chair, snagging Tom Brokaw's fans and ratings. Whew, now that we've celebrated the anniversary, we can get back to talking about Katie Couric's possibilities at CBS News' leading lady. [Reuters]
• On its 10th anniversary, Salon is suddenly the comeback kid that everyone's fawning over. It'll be around for another 20 years according to some predictions. And so too will rumors of its impending demise. [SF Chronicle]
• After pleading not guilty to charges that he gleaned $84 million from newspaper giant Hollinger International, Conrad Black is out on $20 million bond, secured by his Palm Beach manse and the $8.5 million nabbed with the sale of his Manhattan co-op. At least the government saved him the trouble of finding a broker. [E&P]
• Newsday is once again slashing its ranks, announcing another 72 jobs have been cut. Lucky for readers, these positions aren't "news gathering personnel," so there will still be the same number of staffers on hand to cover the New Year's ball drop. [Newsday]
• Bent on improving its ratings, Channel 5 has been considering changing segment formats to include more "entertainment-like elements." Instead of that, they've decided to work more closely with Fox News and the New York Post. This effort is being described as an improvement. [NYDN]
• Joanne Lipman may be the celebrated ex-Wall Street Journal talent now heading up Conde Nast's business magazine group, but that doesn't mean she's entitled to her own desk just yet. [WWD]
• Author Julie Chrystyn thought she'd give disgraced ex-New York Timeser Jayson Blair a break by letting him work on her thriller at Phoenix Books. That was before he flipped out, insisted on reviewing her contract, protecting her and meeting in Texas — she declined and, uh, he hasn't been heard from since. [Cindy Adam]
• Despite snowballing rumors that she's collecting $50,000 fees for speaking engagements that're booked through 2007, Judith Miller's mouthpieces at the New York Times say she's god "few, if any, on the calendar at this point." What, the weekly calendar? [Page Six]
• The Wall Street Journal is downsizing, but not in the New York Times kind of way (at least not this week). Owner Dow Jones wants to physically shrink the paper from a width of 60 inches to 48 inches by 2007 as part of a larger redesign project with hopes of saving $18 million per year, or $1.5 million per inch. [WSJ]
• Because too few people are buying it, uh, for the articles, Playboy finds itself slashing its rate base by 4.7 percent to 3 million readers. Damn slagging newsstand sales. [SmartMoney.com]
• Meanwhile, if you haven't yet figured how to download porn to your Razr, don't fret: Penthouse's mobile phone efforts are in the works. Forget about Verizon's streaming clips of Pamela Anderson's Stacked and look forward to Pets in Paradise. [Business 2.0]
• Richard Desmond should know letting the bills slide isn't "OK." The porn-cum-gossip peddler is facing a potential lawsuit from Splash News thanks to five months of unpaid bills.
• Maybe if Gear magazine outsourced its ad sales staff a la Breathe, Bob Guccione Jr. wouldn't be stuck toiling with Discover.
• Since you long ago threw out Jack Welch's guide to Winning and will wait no longer for Steve Florio, it's time for the latest media mogul memoir. Look forward to Hearst prez Cathy Black's management tome, where we'll learn how to run the least sexy publishing house. Well, second to E.W. Scripps, anyhow.
• Where Yahoo hired Kevin Sites as a war blogger, AOL is boosting its own content business with a video-on-demand celeb journalism series promising the continued overexposure of Paris Hilton and Tom Cruise.
• With product placements becoming central to TV show plotlines, it's only a matter of time before Eva Longoria's characters starts sleeping with a Rokr phone.
• The Wall Street Journal waved goodbye to Joanne Lipman – who's taking off to head up Conde Nast's business division – complete with pretzels, wine and cheese. Extravagance is never spared.
• NYU is boosting its journalism faculty by 60 percent, adding 12 new faculty members that might have an inkling how this media business works.
The Wall Street Journal is trying really hard to get its Saturday edition off the ground, but staffers just won't let them. Nevermind those focus groups that somehow greenlighted cooking recipes to be dished by a paper more akin to waxing on ExxonMobil, but the continual fleeting of staff is leaving top brass sweating.
There's Joanne Lipman, who was supposed to head up Saturday's Weekend Edition, but split for a much higher salary (plus expense account!) at Conde Nast's as-yet-unnamed business title.
Larry Ingrassia ditched to head the New York Times' business section. And Steve Adler jumped to Business Week's top spot. All this before Weekend Edition even launched.
Sounds like the American version of Richard Desmond's OK!. But at least OK! focuses on celebrity gaffs (or lack thereof), not how to run a business. Or lack thereof.
Editorial Director
