by HoldtheFrontPage Staff
The monthly media magazine Press Gazette is to close with the title's five editorial staff under threat of redundancy, its owners announced today.
In a statement this lunchtime, proprietors Wilmington Group announced that next month's edition of the magazine would be the last hard copy edition.
The company said the companion website www.pressgazette.co.uk would continue, but has made it clear that it will no longer be carrying breaking news.
HoldtheFrontPage understands that Press Gazette editor Dominic Ponsford and four other editorial staff have all been issued with redundancy notices.
The statement read: "For 43 years Press Gazette has been the leading magazine for the UK journalism profession.
"Wilmington Group plc bought Press Gazette out of administration in 2006, since when we have invested significant sums each year to try to develop the magazine and to bring it to profitability.
"Unfortunately Press Gazette, along with much of the profession, has suffered from a declining market during these years and its losses have increased.
"We have therefore been forced to conclude that the market required to sustain a commercially viable Press Gazette magazine no longer exists. The last hard copy edition of Press Gazette will therefore be the May edition which will be published in April.
"During Wilmington's stewardship there have been several positive developments. One has been the rapidly increasing traffic to the online edition of Press Gazette.
"Whilst we will no longer be able to offer the magazine's content online, we aim to develop this site as a resource for the UK journalism community, and we plan to roll out additional functionality in the coming months."
Les Kelly, the managing director of Wilmington's media and entertainment division said there would be no news content on the site after this weekend.
"There will not be news coverage but we will develop the site to offer other services such as training and freelance referrals. There will be no journalism on the site," he added.