The New York Post’s Keith Kelly writes in Sunday’s paper that the launch of new biz glossy Conde Nast Portfolio is really about the battle between two magazine industry titans: Time Inc. and Conde Nast.
“The bad blood, some say, began in 1994 when Time invaded the beauty/fashion world with the launch of InStyle – sucking some advertising dollars from the category.
“Then, Vogue, four years ago, launched Teen Vogue into a category where Teen People was once hot. Time Inc. answered when it made the disastrous move to turn Life into a newspaper supplement – invading the very profitable turf of Newhouse-owned Parade. Life will publish its last issue next Sunday after burning through an estimated $50 million to $75 million.
“The bad blood extends beyond the $5.2 billion in Time Inc. revenue and the $2 billion in revenue that Condé Nast, a privately held concern, is believed to ring up. In 1997, Fortune leveled a vicious hit on then-Condé Nast CEO Steve Florio. Condé Nast’s GQ then ran an article critical of Time’s John Huey.”
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