What's deposed Portfolio editor Joanne Lipman been up to since her magazine folded, besides lying about not reading this website? Partying, vacation planning, and blaming others!

Longtime New York Observer editor Peter Kaplan has taken a job as creative director at Condé Nast Traveler, as expected. The gig gives the newsman time for cushy "reflecting":

• More trouble at Condé Nast: Ad pages at Vogue are down 31 percent this year and Vanity Fair experienced a 52 percent drop in May alone. The silver lining: Graydon Carter's lavish expense account remains unaffected. [NYP]
• The Sun really may be returning after all. As a website, that is. Seth Lipsky says "there's a business plan for the site in the formative stages." [Politico]
• This certainly isn't a good sign: It seems NBC is exploring the possibility of leasing out part of its headquarters in Washington D.C. [NYO]
• More desperate: NBC will air another season of Celebrity Apprentice. [THR]
• The Portfolio names/logos that never were (and more on its closing). [NYO]
• Al Roker will co-host a Weather Channel show called Wake Up With Al from 6 to 7 a.m. Because waking up with Al is what you've always dreamed of. [NYT]
• Oprah Winfrey's Twitter usage is way down. So much for that! [AdAge]

A year before Portfolio's launch, the magazine produced mock-ups, obtained by the New York Observer. The titles are awful, but the cover lines reveal a compelling vision editor Joanne Lipman couldn't pull off.

When Tina Brown looks at the closure of Portfolio, she must worry for her future. Publications are now expected to turn a profit? Time for the notorious spendthrift to panic.

In your bitter Monday media column: Newspaper circulation predictably declines, Martha Stewart is predictably scared of us, old people predictably get conned by media hustlers, and Portfolio's unpredictable burn rate:

• More on the decision by Condé Nast to shut down Portfolio. [NYO, Gawker]
• Newspaper circulation figures for the past six months show steep declines at most major papers, including the Times, Post, and Daily News. One bright spot: the Wall Street Journal, which experienced a tiny, 0.6% gain. [E&P]
• Phil Falcone's Harbinger, the hedge fund that battled for a piece of the New York Times Co. last year, may now be looking to unload its stake. [WSJ]
• CNN has fallen behind MSNBC and Fox News, as you may have heard. [NYT]
• PRWeek is going monthly. But it'll still be called PRWeek, so you know. [NYT]
• Obsessed starring Beyonce was No. 1 at the box office this weekend. [THR]

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.

WWD confirms the news that Condé Nast is folding Portfolio. The magazine's May issue will be its last. [WWD]

The New Yorker is America's best magazine but their advertising revenue last quarter was down, let's see, 32% from a year ago. So everything is on sale, 80% off!!

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.

• More bad news for the magazine biz: Ad pages fell 26 percent during the first quarter, although you probably guessed that when you used last month's issue of any number of Condé Nast magazines to floss your teeth. [NYT]
• Steve Brill plans to save journalism! Or die trying, at least. [NYT]
• Sam Zell now says his acquisition of the parent company of the Chicago Tribune in 2007 was "a mistake." And a rather expensive one at that. [CT]
• Is NBC's long ratings slump over? Jeff Zucker sure is hoping so! [LAT]
• 20/20's Bob Brown has been dismissed after 30 years at the network. Insult to injury: He was told he could freelance for the network if he wants. [P6]

What does an 'editorial' assistant do at Condé Nast? Fill in for fired receptionists.

• Former Morgan Stanley vice chairman Bruce Fiedorek has "quietly" put his fifth-floor co-op at 998 Fifth Avenue on the market for around $45 million. The 7,000-square-foot apartment, which was renovated by Stephen Sills and James Huniford and is one floor up from Len Blavatnik, is being listed by Kathy Sloane. [NYO]
• The sixth-floor co-op at 960 Park Avenue that belonged to the late Baroness Jacqueline de Gunzburg has gone into contract. It had been on the market most recently for $10.95 million. [Cityfile, Stribling]

In your deluged Monday media column: Conde's heartbreaking receptionist layoff, the Miami Herald is JUST FINE, Lee Abrams is a cuddly animal, and Iceland is so touchy:

Si Newhouse Jr. ordered more layoffs at Condé Nast last month; receptionists and online writers were promptly fired. But the magazine honcho apparently doesn't mind adding another Newhouse to the payroll.

• Bill O'Reilly is already threatening to totally ruin 2010: He says he's working on a book about Barack Obama which will come out next year. [NYP]
• Twitter fan Gary Vaynerchuk is getting seven figures to write 10 books about Twitter. And some think the publishing world doesn't "get it"! [WSJ]
• Hollywood is cutting back on the big pay packages for A-list stars. [WSJ]
• Ed Schultz is taking over the 6pm slot on MSNBC with a new show. [HP]
• No joke: Delta will soon sell its in-flight magazine on newsstands. [WWD]
• More on the recent round of layoffs at Condé Nast Digital. [PaidContent]
• Ad man Peter Arnell's disastrous rebranding of Tropicana also led to a 20 percent drop in sales in January and February. Nice work. [AdAge]
• Jon Stewart had a few words of advice for Rush Limbaugh last night. And Stephen Colbert went to town on Glenn Beck. [HP, Buzzfeed]
• NBC will air the final episode of ER tonight with a three-hour "event." [NYT]

The layoffs at Condé Nast Digital Wednesday included not only Wired.com but also Ars Technica, the website known for its in-depth, computer-related technical articles. We're told fully seven of roughly 17 staff were cut.

More detail on the layoffs at Conde Nast Digital today (which is not an April Fool's joke, okay): Wired.com was reportedly hit hard. Internal turf war?