Color us shocked. Conde Nast is doing a business magazine.

Let it sink in. Breathe. Yes, there. Accept it.

The impending phantom title will be run by Joanne Lipman, who had been running the "Business of Life" section for The Wall Street Journal. Strange days: The Condes are going B to B. Never thought we'd see the day. But golly, we can't wait to learn how the incoming pinstripe ties fare with the Voguebots.

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And, in other related news, the sky is falling.

Full press releases from Conde Nast and WSJ after the jump.

COND NAST PUBLICATIONS
TO LAUNCH NEW BUSINESS GROUP
JOANNE LIPMAN NAMED EDITOR-IN-CHIEF
DAVID CAREY NAMED PRESIDENT

August 24, 2005 Cond Nast Publications will launch a new business group, including a monthly magazine and website, it was announced today by Charles H. Townsend, President and C.E.O. of the company. The title and launch date have yet to be determined.

Joanne Lipman, deputy managing editor of The Wall Street Journal, has been named Editor-In-Chief, announced Thomas J. Wallace, Editorial Director.

In her twenty-two years at The Journal, Joanne Lipman has proven herself to be a skilled journalist and an innovative editor, Wallace said. She is the perfect person to lead this new magazine.

Joanne Lipman has been a deputy managing editor of The Wall Street Journal since 2000. She was the founder of the Weekend Journal and Personal Journal sections, and editor in chief of Weekend Journal. She also oversaw the paper s 2002 redesign. Most recently she has been working on the development of Weekend Edition, a sixth day of The Wall Street Journal that will appear each Saturday beginning on September 17, 2005. Lipman joined the Journal in 1983 as a reporter in New York and was responsible for initiating and writing the paper s daily advertising column in 1989. She subsequently was a news editor on The Wall Street Journal s page one staff.

Cond Nast is the premier magazine publishing company, and I am delighted to be joining the team, Lipman said.

David Carey has been named President of the new business group, announced Charles H. Townsend.

This new group fits well with the growth strategy of the company and will complement Cond Nast s existing titles, Townsend said. David Carey has exceptional business acumen and great experience with magazine launches. Joanne and David will make an excellent team.

David Carey has been Vice President and Publisher of The New Yorker since 1998. Previously, he had been founding publisher of SmartMoney, a joint venture between The Wall Street Journal and The Hearst Corporation. In 2001, Carey served as President and CEO of Gruner & Jahr s Business Information Group. He joined Cond Nast in May of 1995 to re-launch House & Garden.

Cond Nast Publications, Inc., currently publishes eighteen magazines. It is a unit of the Advance Magazine Group, which includes Cond Nast Publications, Fairchild Publications, Parade Publications, Golf Digest Companies, and Cond Net.

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Felsenthal to Lead Journal's 'Business of Life' Coverage
August 24, 2005

New York - Wall Street Journal Managing Editor Paul E. Steiger today
announced that Assistant Managing Editor Edward Felsenthal will oversee all "Business of Life" coverage in the newspaper, including the Personal Journal section on Tuesday through Thursday, the Weekend Journal section on Friday, and the Pursuits section on Saturday in the Weekend Edition, which will launch on September 17. Felsenthal succeeds Joanne Lipman, who will leave the Journal following the launch of Weekend Edition to start a new magazine on business for Conde Nast.

"We are delighted that Edward will oversee our growing 'Business of Life' coverage," said Steiger. "Edward has worked closely with Joanne Lipman to create and nurture this whole area of coverage for us from the beginning. We congratulate Joanne on her great achievements here and wish her all the best. We now look forward to Edward's leadership. He is a highly talented and accomplished editor, whose insights and instincts have made Personal Journal a huge success with readers and will enable him to extend the Journal's powerful momentum in this field."

The "Business of Life" is a popular and expanding coverage area in the
Journal that provides readers with news and information they need about things that matter most to them in their personal lives. Typical "Business\ of Life" coverage includes articles about personal finance, family, recreation, health, personal technology, cooking and dining out, sports, fashion, and travel. It began with the launch of Weekend Journal in 1998 and continued with the introduction of Personal Journal in 2002. The Pursuits section in Weekend Edition will mark the latest expansion of the Journal's "Business of Life" initiative that will be featured five days-Tuesday through Saturday-starting on September 17.

"Over the past eight years, Joanne Lipman has built an immensely talented team of journalists in Weekend Edition and Personal Journal, and she has put a tremendous team in place-led by editor Tom Weber-to launch the Pursuits section of the Weekend Edition," said Journal Publisher Karen Elliott House. "As our 'Business of Life' coverage has continued to expand and evolve, our readers have demanded more of it. Edward Felsenthal will have the opportunity to lead the 'Business of Life' franchise into a new era next month when Weekend Edition launches. The success he enjoyed as editor of Personal Journal is an indication of how pleased our readers will be with Pursuits." The past two years, Journal reporters have won Pulitzer prizes for health care coverage, including stories appearing in Personal Journal.

Felsenthal will maintain his current title as assistant managing editor for news strategy at The Wall Street Journal and will be editor in chief of Personal Journal, a section he helped found in 2002, as well as of Weekend Journal and Pursuits.

A native of Memphis, Tenn., Felsenthal is a magna cum laude and Phi Beta Kappa graduate of Princeton University. He earned a master's degree in international affairs from the Fletcher School of Law and Diplomacy at Tufts University and a J.D. degree from Harvard Law School. He began his career at the Journal in 1992 covering legal affairs and was the paper's Supreme Court correspondent in Washington from 1996 to 1998, when he became an editor for Weekend Journal. In June 2000, he became associate editor of Weekend Journal. He was named founding editor of Personal Journal in December 2001 and was appointed to his current post in June 2005.