Conde Nast is closing its Portfolio business magazine two years after it launched, making it the latest casualty of a dearth of ad spending afflicting the entire publishing business.

The pressures and realities of the continuous deep economic slump have lowered Portfolio's revenue projections below what is needed to continue publication, Conde Nast Chief Executive Charles Townsend said in a statement on Monday.

It is unfortunate we were unable to give Portfolio the time needed to fully mature, he added.

The magazine, which launched in May 2007 as an ambitious entrant in a crowded field of business magazines, aimed to combine deep reporting with feature news in the hopes of reaching a wider audience than many business publications normally achieve.

Many U.S. magazines and newspapers are suffering circulation and advertising revenue declines as more readers turn to the Internet. Advertisers have further slashed their budgets because of the recession.

(Reporting by Robert MacMillan; Editing by Derek Caney)