Conde Nast, Manhattan's most lavish magazine publisher, was once able to subsidize expensive and monumental magazine launches with newspaper profits. But now the last of its kind, Portfolio, is dead.

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.

In your overblownTuesday media column: Time is a biter, Michael Wolff is an exaggerator, Portfolio is a fantasist, Newsweek is stank, and Esquire is an [expletive deleted]:

Consumer magazines as a whole lost nearly 26% of their ad pages in the first quarter. We broke out the numbers for Conde Nast, and they're just as bad. The biggest loser: Wired.

Joanne Lipman, the diva editor of Portfolio, is becoming known for her disastrous cover decisions. The worst, perhaps, involved the president and Annie Leibovitz.

What is wrong with Joanne Lipman? Does the Portfolio editor detest business journalism? Is she trying to finally get fired? There must be some reason she's putting Sarah Palin on next month's cover.

Here's the thing about losing your journalism job and starting your own internet/freelance business: Suddenly you work, eat, sleep, drink and even exercise in one tiny space. Laura Rich almost went crazy.

Yes, sure, ok, Portfolio editor Joanne Lipman. You go on TV and claim this year is shaping up as an extraordinary time to buy a home. That's a fine and sensical thing for the editor of a finance magazine to be saying.

Condé Nast is "having the worst year of any publisher," or so a "rival executive" tells Keith Kelly today. The facts pretty much speak for themselves, though: While there's been a 24 percent drop-off in ad pages industry-wide, the Joanne Lipman-edited trainwreck otherwise known as Portfolio is down 60 percent, and …

In the past 24 hours, more than 8,000 of you voted on which Conde Nast magazine most deserves to live. You care, you really care! Your full results—and what they mean—below:

Conde Nast, magazine publisher of the gods, is in trouble. Many of its most famous magazines are losing critical amounts of advertising. How bad are things? So bad that Conde is actually making some changes!

Sinking ship Portfolio has one less expensive contract to worry about. Matt Cooper, formerly the D.C. bureau chief of Time, has joined web outfit Talking Points Memo.