Conde Nast exec: Portfolio won't be going out of business

Marketwatch media columnist Jon Friedman talked to Conde Nast Group president David Carey on Thursday in the wake of the announcement that Conde Nast Portfolio will be cutting its staff and two issues from its publication schedule, and he came away with the impression that the magazine will survive.

Friedman writes, “Carey, one of the most respected magazine publishers in the U.S., tried to strike a philosophical chord when he told me about the cutbacks. He stressed that Portfolio will not be going out of business soon, as it has been rumored almost since day one.

“‘This is not a sentimental organization,’ he said, referring to Conde Nast. ‘If they wanted to exit the business, they would have. It could have been a blip for a day, then we move on.’

“Portfolio has been badly hurt by the conditions in the ad marketplace.

“‘It’s grown well, but we are not in a 25% compounded growth environment,’ he said. ‘In a year that’s pretty choppy, you’re going to find a lot of people optimizing their business model.'”

Read more here.