What have you done for us lately? Portfolio editor under the gun

A column by Keith J. Kelly in the New York Post is making much of the fact that the second issue of Condé Nast's Portfolio business magazine has many fewer ads than its first; the story makes it clear (and illustrates it with the graphic above) that most magazines have a first flush of enthusiasm and then settle back to something more realistic. In Portfolio's case, the ads are still a pretty healthy 122 pages. The point seems to be that the ads are OK, but that things may be getting slippery for editor-in-chief Joanne Lipman because of dissatisfaction with the content.

As the second issue sets to close, pressure is mounting on Editor-in-Chief Joanne Lipman, a veteran of The Wall Street Journal, to deliver a blockbuster issue and live up to the pre-launch hype.

Condé Nast in its direct-mail materials promised to deliver "hard hitting investigative reporting, compelling profiles and a close-up view of breaking news written by top business journalists and captured by the best photographers."

However, observers say the magazine missed that target with its first issue.

"There was no pacing, no flow, no mix of stories," said an editor at a rival magazine. "It was, 'here's a Tom Wolfe piece about Greenwich,' and 'here's a story about new weapons.' It was like a deadline out of control, and it all seemed like it went in as a big mush."

One person said that insiders are also angry about the lack of editorial direction at the magazine. The atmosphere inside is described as tense, leading to the outbreak of rumors that Lipman could be in trouble.

One source said the second issue is "do or die time. They'll get rid of her within six months if the second issue comes out and flops."