Finding out how much a privately held company like Condé Nast has spent on something is hard enough. But trying to divine how much it intends to spend on a future something takes reporters into really murky waters.

Ever since the Newhouse-owned publishing company announced plans for a new business magazine (along with a Web presence and perhaps several companion titles) in August 2005, the figure of $100 million has been tossed around in the press. It appears to have originated with Condé Nast CEO Chuck Townsend, who told the New York Post and other outlets that anyone looking to break into the market "has to be prepared to spend" $100 million or more.

A few days ago, inflation kicked in. A New York magazine story about Portfolio, which finally hits newsstands next week, reads: "With a reported budget of $125 million, it's the most expensive launch Condé Nast has ever done," declares writer Mark Fass.

Asked exactly who had reported the higher figure, a New York spokeswoman provided the rather odd explanation that Fass, in effect, disguised his own reporting as a citation: "The $125 million figure was 'reported' to Mark Fass by multiple sources within Condé Nast. But that figure had not been printed in other news media until now."

But now that it's out there, you can be sure it will be printed again—even though, according to a Portfolio rep, it's no more (nor less) reliable than the earlier figure. "We never confirmed any number, $100 million or $125 million," she says. "Any number reported is a rumor."