Media company Caxton & CTP Publishers & Printers said on Tuesday it had begun the process of withdrawing from magazine publishing and associated businesses due to a decline in advertising.

In a statement, it said the negative impact of South Africa’s Covid-19 lockdown on general economic activity and on the ability of the business to trade normally in already difficult conditions for magazine publishers had made the decision affecting its Bona, Country Life, Essentials, Food & Home, Garden & Home, People, Rooi Rose, Vrouekeur, Woman & Home and Your Family magazines unavoidable.

“The steady and continuous reduction in the overall amount of adspend 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,” it said.

The Covid-19 crisis had seen a significant downscaling of activities by clients, it said. The high level of cancellations of advertising in the period leading to, and over the lockdown period had already had a major impact on trading, aggravated by concern that this revenue would be permanently lost.

The significantly reduced levels of revenue exacerbated by the potential long-term impacts of Covid-19 combined with falling circulation numbers were insufficient to sustain the business in the short and long-term, Caxton added.

“In view of these challenges, the group has decided, in principle, to close its magazine division,” the company said, adding that it was in the process of consulting with employees.

The group would be keen to engage with other parties and publishers interested in taking over any of its titles, it said.

Last week Associated Media Publishing, whose titles include magazines such as Cosmopolitan, House & Leisure, Good Housekeeping and Women on Wheels, said it was permanently shutting its doors from May 1.

The South African National Editors’ Forum said on Sunday journalism was playing a critical role during the Covid-19 pandemic, but had come under severe financial threat, as the national lockdown — aimed a curbing the spread of the coronavirus — had prompted advertisers to rein in spending and had made it difficult to circulate newspapers and magazines.

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