Media Roundup: Portfolio to Close, Only Two Newspapers Post Circulation Gains and More

(MoneyWatch)  Portfolio to close -- Conde Nast has announced the closure of Portfolio magazine. Portfolio, which was launched in 2007 to cover business, will cease publication immediately. The magazine had a circulation of 415,000 but saw ad pages decrease 60 percent in the first quarter. Last month's issue was the thinnest magazine ever published by Conde Nast. Late last year, Portfolio trimmed two issues and cut a majority of its Web staff. [Source: New York Times]

Only two newspapers post gains in first quarter circulation numbers -- The Audit Bureau of Circulations is reporting that 23 of the top 25 newspapers have lost subscribers. The Wall Street Journal, one of the two that posted growth, only gained a modest .61 percent. The other, The Denver Post, only gained subscribers through an agreement with the now-defunct Rocky Mountain News. The New York Post was the biggest loser, posting a 20 percent loss. [Source: Business Insider]

Washington State approves newspaper tax break -- The Washington State legislature has approved a temporary measure giving tax relief to the state's newspaper companies. The bill, which is pending a signature by the governor, cuts the state's business and occupation tax by 40 percent until 2015. The Seattle Post-Intelligencer switched to an online-only mealier this year due to budget constraints, and is one of the largest newspapers to go to an online-only model. [Source: Editor & Publisher]

Mens Journal cuts two issues -- An decline in advertising has forced Men's Journal to cut two issues and will save an estimated $1 million. The magazine, published by Jann Wenner, will combine its July and August issues as well as its December and January issues. A number of other mens magazine also only publish ten times a year, such as Men's Health and Men's Fitness. The company saw a 41 percent drop in ad pages in May. [Source: Mens Journal]

Disney-Hulu announcement to come in a few days -- In exchange for an equity stake in Hulu, Disney will be making some its content available on the online video streaming site. The two sides have been in talks for weeks and the deal is said to be nearly completed with an announcement coming in the next few days. The deal mostly makes television content available, Disney movies are said to not be included. YouTube, Comcast and other video partners have been gunning for Disney content for months. ESPN content is said to not be involved. [Source: All Things Digital]