Four in the morning

Condé Nast announced today that it will shutter the business magazine Portfolio, a mere two years after the magazine was launched. WaPo (h/t LA Observed)

The Center for Responsibility and Ethics in Washington (aka CREW) has called for an investigation into the favorable terms of an FDIC contract awarded to real-estate giant CB Richard Ellis. The company is chaired by Richard Blum, husband of Sen. Dianne Feinstein. CREW

The San Gabriel Valley Tribune/Pasadena Star-News focuses in on state Sen. Gil Cedillo's penchant for lavish spending on staff gifts, using campaign funds. The story follows a Los Angeles Times examination of Cedillo's use of campaign funds for gifts, travel and meals. PSN

ABC reports big drops in circulation for many big newspapers. Editor & Publisher