The upscale magazine 02138, conceived two years ago as a “Vanity Fair for Harvard” that would offer a look into the lives of the university’s most successful graduates, is the latest media casualty in the tough economy.

Manhattan Media, which purchased the lifestyle magazine this year, announced on Friday it was folding, The New York Times reported. It was “a good idea at a bad time,” Tom F. Allon, the company’s chief executive, told The Harvard Crimson.

The demise of 02138, named for the ZIP code of Cambridge, Mass., casts doubt on Manhattan Media’s plans to create magazines and social-networking Web sites for all the Ivy League institutions. The Yale Daily News reported that the company’s plan for a Yale spinoff has probably been scrapped. —Kathryn Masterson