Update: The rumors are true, confirms staff blogger Jeff Bercovici. We (and others) hear a rumor that Conde Nast is folding long-suffering $100 million business magazine and object of our fascination, Portfolio.

Bercovici reports that editor-in-chief Joanne Lipman got a call from Conde Nast chairman S.I. Newhouse this morning and then broke the news to her staff in a meeting. And in a bad sign about how Conde Nast is faring the recession, she said Newhouse cited "financial reasons at Advance," the Newhouse-owned parent company of the magazine publisher, as the reason for the closure.

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