Ms Tina Brown's star in the US reached its zenith in August 1999 when she launched Talk Magazine at a grand party beneath the Statue of Liberty, attended by such celebrities as Robert de Niro and Henry Kissinger.
It reached its nadir at 5 p.m. on Friday when a tearful Ms Brown announced to her staff that the glossy, pop culture journal was suspending publication, with the loss of 100 jobs.
Ms Brown, renowned for her earlier success in revitalising two of New York's most prestigious publications, said Talk was a victim of the terrorist attacks on the US, which hit advertising hard at a time of recession.
"It cannot be anything but sad for all of us," Ms Brown said.
The shutdown ironically comes at a time when the magazine was beating the odds. Talk had reached a circulation of 670,000, 20 per cent higher than last year, and it had registered a 6 per cent gain in advertising pages in the same period.
But it had already been written off by many media critics because of huge costs - its losses are estimated at $55 million (€62 million) - and its failure to make a big impact. Only 20 per cent of issues sent to news stands were picked up, compared to an industry average of 35 per cent.
Advertising pages in major US consumer magazines fell 19.4 per cent in December when compared to December 2000, and 11.7 per cent for the year, according to the Magazine Publishers of America Association.
Talk was backed by Hearst Corporation and Miramax Films, and acted as a publicity vehicle for Miramax stars like Gwyneth Paltrow. Hearst Magazines president Ms Cathleen Black told Ms Brown and publisher Mr Ronald Galotti on Friday that Talk would not publish its March issue, which was due to be sent to the printers yesterday.
Talk joins titles like Mademoiselle, Homestyle and The Industry Standard which closed recently. Ms Brown said: "The advertising climate has just collapsed. Looking for a new investor in this climate just wasn't viable."
A former editor of Tatler, Ms Brown (48) arrived in New York from London in 1984 to take over and revitalise Vanity Fair with celebrity journalism. In 1992 she moved to the New Yorker and gave it a similar make-over.
