Press Gazette lives on

Press Gazette, the newspapers’ trade magazine will continue to publish under its new owner Progressive Media.

Earlier this month, the title’s former parent company, the Wilmington Group, announced that the magazine would cease printing after the May edition due to the current economic conditions (see Press Gazette to close after 40 years).

At the time, a company spokesperson said: “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.”

However, Progressive Media – the group run by millionaire owner of New Statesman, Mike Danson – has stepped in and acquired full control of the Press Gazette.

Under new ownership, the Press Gazette will continue to publish its monthly magazine and its website, although the Wilmington Group will retain control of the British Press Awards.

Dominic Ponsford, editor of Press Gazette, said: “I think this is a very positive sign for journalism and its future. It is clear that Press Gazette is still seen as a worthwhile brand.”

Progressive Media’s takeover will save Ponsford’s job, as well as the news editor Paul McNally, however, the third full-time staff member Owen Amos has already accepted a job with the BBC.

It is understood that Progressive paid well below the £100,000 that Wilmington is thought to have spent buying it after it went into administration in December 2006.

The magazine currently has 2,500 subscribers, who pay £115 a year, and its website, which offers news content for free and attracts about 150,000 unique users a month.

However, the majority of the Press Gazette‘s revenue is thought to come from the annual press awards event.