In the eyes of many in the media and financial community, print magazines are out favor and online social networking in the words of my teen friends are the shiz nit. So, what do you do if you are Conde Nast or Time, Inc? If you are Time, Inc, you launch a web-only product targeting an audience segment that is pre-disposed to heavy Internet usage at home, work and school, otherwise known as 18-34 year old men. You create a edgy, interactive, rich video content that probably wouldn't pass muster as a print product (unless your name is Hachette Filipacchi) and come up with a catchy brand name (Office Pirates). Of course the other audience segment that lives and breathes online are teen and college girls. Although there is very little information available from the company, Business Week media editor Jon Fine reports Conde Nast is in fact working a social networking/user-generated content site aimed at teen girls expected to launch "sometime this year." If the publisher can convert a significant percentage of their growing Teen Vogue readers to this new online venture, there is certainly promise.