Red Herring magazine closes

Red Herring, the magazine considered a must-read among the technology elite, has closed its doors, the latest victim of tough economic times.

Founded in 1993, Red Herring focused on the venture capital community, an emphasis that helped it emerge as an influential magazine during the dot-com boom of the late 1990s.

Like several other magazines that rode the dot-com wave, it cashed in on the tech boom by selling huge blocks of advertising space to businesses eager to reach its upscale audience.

Red Herring's advertising revenue swelled from US$21 million in 1999 to US$87 million in 2000, before shrinking to $15.6 million last year.