Taking as a start point the connections and negotiations between the intellectuals and the Estado Novo in Brazil and in Portugal, this study aims to problematize the relations between the Portuguese and Brazilian modernist literatures in the 40 s of the 20th century and the political-ideological project of the Estado Novo. To this purpose, it was chosen to do a critical reading of the magazine Atlântico – Luso-Brazilian magazine formed in May 1942, under the Cultural Agreement signed between the Portuguese National Propaganda Secretariat and the Press and Propaganda Department of Vargas Government – which intent was to build a kind of literary, philosophical, historical and iconographic anthology of Brazil and Portugal and that is considered here as a cultural archive of the New State.