New York Gives Portfolio $25M Raise
Oct. 27 2008, Published 7:07 a.m. ET
NOW EVEN RICHER! Portfolio
Finding out how much a privately held company like Condé Nast has spent on something is hard enough. But trying to divine how much it intends to spend on a future something takes reporters into really murky waters.
Ever since the Newhouse-owned publishing company announced plans for a new business magazine (along with a Web presence and perhaps several companion titles) in August 2005, the figure of $100 million has been tossed around in the press. It appears to have originated with Condé Nast CEO Chuck Townsend, who told the New York Post and other outlets that anyone looking to break into the market "has to be prepared to spend" $100 million or more.
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A few days ago, inflation kicked in. A New York magazine story about Portfolio, which finally hits newsstands next week, reads: "With a reported budget of $125 million, it's the most expensive launch Condé Nast has ever done," declares writer Mark Fass.