Portfolio.com returns

Kinda. American City Business Journals will take over the site, now that Condé Nast has killed Portfolio, the glossy print magazine. Like ACBJ, Portfolio had been owned by Advance Publications, though it would be hard to confuse the two cultures (American City is ruthlessly cost-conscious, while Portfolio had been spending crazy amounts of money in its start-up phase). Anyway, ACBJ will assume full power both editorially and on the business side of the Web site - and it has hired from portfolio.com managing editor, Josh Moss, to become the lead editor of this site. A staff of about five people will operate out of Advance's NY offices. (NY Observer)

Aside: Over the years, ACBJ has thirsted for a presence in the L.A. market, which has been dominated by the Business Journal. A while back it launched a Los Angeles Web site that it operates from the company's Charlotte, N.C. headquarters. No local staff - it provides little more than rewritten news stories and press releases. Sometimes, it gets confused with the Business Journal site, which itself is on the minimalist side because the paper's owner, Larry Bridges, has never believed in the financial possibilities of a Web product.