Women’s fashion glossy Madison is the latest magazine to be shut down, with publisher Bauer Media announcing on Wednesday that the magazine and its online counterpart will cease publication on June 18.
The shock comes after less than a month ago a company representative said it was “business as usual” at the mag, which has been in print for eight years.
The move was predicted last month by The Australian Financial Review’s Rear Window column, who also predicted closure of fashion favourite GRAZIA, which folded on February 25.
Sydney-based fashion journalist Patty Huntington tweeted her support to Madison features writerFiona MacDonald.
@infinitefi so sorry to hear about madison. analysts were predicting titles would go but two in two months is crazy. it’s a v tough market
— Patty Huntington (@pattyhuntington) April 3, 2013
Bauer Media purchased ACP last year for a tidy $550 million and, under the command of German billionaire Yvonne Bauer, the corporation has closed 5 titles in recent months with Burke’s Backyard, BBC Good Food and UFC (Ultimate Fighting Championship) Magazine joining GRAZIA on the list of causalities.
Although the title has been the recipient of many awards in the past, Madison had been struggling for some time with a year-on-year loss of 23.3 per cent according to a 2013 circulation audit.
Bauer CEO Matthew Stanton said in a press release:
The decision to close a title is never easy but after recent and lengthy discussions with our joint venture partner, Hearst Magazines International, the conclusion was sadly drawn that for Madison to continue was no longer a commercially viable option.
I would like to express my respect for the Madison team for the way in which they continued to deliver a wonderful product while rumours of closure swirled around them. They should be proud of their professional and committed effort.
An ‘insider’ told The Australian that the publisher was “unencumbered by sentimentality”.
When Bauer came on it was expected there would be a rationalisation. If things aren’t commercially viable, they’re not going to be sentimental about them and hang on to them.
This news comes in the wake of the publisher’s plans to introduce Elle magazine to the Australian market with former Shop Til You Drop editor Justine Cullen appointed as Editor-in-Chief of the mag, which is said to be hitting shelves in September.
But there are fears in the industry, with Bauer publications Cleo and Cosmopolitan also recording losses last year and rumours that OK! Magazine would be next to go.
Although staff at OK! were reassured of their safety – those at Madison were too.
So who is next to come under the axe?
via The Age
Published at LUNA Digital.