American version of OK! on way to being most expensive launch ever

The American edition of OK! magazine is well on its way to being the most expensive magazine launch in history, according to a story in the New York Post.

Columnist Keith Kelly says that the celebrity title is losing half a million dollars a week -- a total of $23.4 million last year and it's estimated the losses will reach close to $130 million by its fourth anniversary in August.

In this dubious sweepstakes, this would put OK! ahead of Portfolio, the Condé Nast title that was folded recently, taking with it an estimated $120 million.