Despite rubbishing rumours about Madison magazine's forthcoming closure last month, Bauer has now admitted the women's title will be axed.
Madison is the third to be closed by the publisher this year, following Grazia and Ultimate Fighting Challenge (UFC). Last month, publisher Peter Holder told Ragtrader's sister publication AdNews that was "absolutely not" the case.
The
title and its website will be shut down on June 18. The company refused
to comment on whether there would be any redundancies, but told AdNews that it would be looking to deploy staff where it could.
The
February 2013 Audit Bureau of Circulation (ABC) figures revealed a
steep decline for the struggling title with a year-on-year loss of
23.3 per cent. December 2011 had it at 85,180 while December 2012 showed it had
dropped to 65,310. Bauer's Cleo, Cosmpolitan and now-folded Grazia also fell 23.6 per cent, 16.2 per cent and 24 per cent.
Bauer
Media's chief executive Matt Stanton said in a statement: "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.”
The news coincides will the launch of Elle in September this year. Former Shop Til You Drop editor Justine Cullen will lead the women's fashion and lifestyle title, with The Australian's fashion editor Damian Woolnough as deputy.
MADISON: Axed.
