Caxton Publishers forced to discontinue magazine titles

After Associated Media Publishing (AMP) closed its doors last week due to financial constraints placed on the company, another major media house has become a casualty of the devastating impact of COVID-19 on businesses.

Caxton & CTP Publishers & Printers Limited (Cat) have begun withdrawing some of its magazine titles, including Country Life, Essentials, Food & Home, Garden & Home and Bona. 

Decline in revenue

In a statement released by the board on Tuesday 5 May, Caxton said that they were finding it impossible to sustain the brand as a result of a decline in revenue and reduced advertising expenditure. 

“The steady and  continuous reduction in the overall amount of ad-spend being allocated by advertisers to the magazine media sector as well as the decline in circulation revenues has, over a number of years, significantly reduced the viability of the magazine business,” the board stated.

“Further, the negative impact of the recent COVID-19 lockdown on general economic activity and, as a consequence, on the ability of the business to trade normally in what were already difficult trading conditions for magazine publishers has made this decision unavoidable.”

COVID-19 added extra pressure  

They said that the current climate was untenable to continue producing the veteran titles. 

“The high level of cancellations of advertising in the period leading up and over the lockdown period has already had a major impact on trading aggravated by the concern that this revenue will be permanently lost and will place serious extra pressure on the magazine business and the group as a whole.”

“As such, the significantly reduced levels of revenue exacerbated by the potential long-term impacts of the COVID-19 combined with reducing circulation numbers are insufficient to sustain the business in the short- and long-term.”

The titles affected are Bona, Country Life, Essentials, Food & Home, Garden & Home, People, Rooi Rose, Vrouekeur, Woman & Home and Your Family.

The group said that they would be “keen to engage” with parties interested in taking over some of its titles.

This is a developing story.