Biz magazines cutting Web staff

John Koblin of the New York Observer takes a look at business magazines such as Fortune and Conde Nast Portfolio that are cutting their Web news staffs in order to cut costs.

Koblin writes, “Portfolio, a magazine that had one of the boldest Web sites in the Condé Nast empire, let that experiment go two months ago when it dismissed 25 of the 30 people who worked full time and as freelancers for the magazine’s Web site.

“And why? Partially to save the magazine.

“The magazine lost close to $20 million this year, and with the magazine’s Web site losses also totaling in the millions, Condé Nast group president David Carey, along with Condé Nast editorial director Tom Wallace, played a large part in convincing Condé Nast chairman Si Newhouse and CEO Chuck Townsend to keep the magazine afloat at a reduced publishing schedule. But to essentially gut the Web site.

“Across Condé Nast, publishers are making a calculation about the revenue of the present versus the promises of the future.”

Read more here.