Bauer Media is dropping several popular magazines. Photo / File
Bauer Media is dropping several popular magazines. Photo / File
A number of iconic Aussie publications will be scrapped, including Harper's Bazaar, Elle and Women's Health, as a result of the coronavirus crisis.
Eight Australian magazine titles will be shut down as parent company Bauer Media Australia grapples with the "severe and ongoing impact" of the Covid-19 pandemic.
The companyhas confirmed Harper's Bazaar, Elle, InStyle, Men's Health, Women's Health, Good Health, NW and OK! are "sadly no longer viable".
The closures will cover the physical publications as well as their online verisons.
"Whilst we were very optimistic with an ambition to bring back all staff currently on stand-down and return all titles in a few months, the lack of long-term advertising market confidence and the escalating situation in Victoria and NSW is an unfortunate sign that the impact of Covid is ongoing and unrelenting," Brendon Hill, Bauer Media ANZ CEO, said in a statement.
"Whilst we were beginning to see promising signs short-term, the market remains too volatile to confidently forecast the next 6-12 months.
It's official, Australia: Harper’s BAZAAR, ELLE, InStyle, Men’s Health, Women’s Health, Good Health, NW and OK! are all being closed for good. NW was a Gen X institution in its prime, and was the birthplace of many great careers. Sad!
"Consequently, and most significantly, as part of these closures we will lose a number of our exceptionally talented, hardworking and loyal colleagues who are currently on stand down."
The company previously hit pause on all eight titles and stood down staff in May as a result of the impact the pandemic had on both travel and advertising revenue.
Sadly, that "temporary" pause has been made permanent.
Harpers Bazaar is one of eight magazines to be dropped by Bauer Media. Photo / Supplied
"It has been a challenging time for Bauer and our team with exciting highs and devastating lows in recent months. We were delighted to acquire Pacific Magazines in May and were thrilled to recently announce a new future under Mercury Capital," Hill said.
"However, these positive changes have taken place amidst an unexpected, uncertain and unrelenting economic downturn. No one could have anticipated the swift, widespread and ongoing impact of the pandemic on our business and industry."
Recent Nielsen AdQuest (AQX) data revealed a staggering 38.8 per cent month on month drop in media advertising expenditure in April, representing a $303 million decrease in spend.
"We, like many other media companies, have deeply felt the impact of Covid-19. The reinstatement of these titles and teams was always dependent on the advertising market bouncing back and the return of domestic and international travel. Despite promising signs from advertisers in recent weeks, this has not outweighed the medium term outlook for these titles," Mr Hill continued.
"Additionally, with a second lockdown in Victoria and minimal travel, it is not feasible to sufficiently distribute NW and OK! without transit channels. The financial impact of these factors and the ongoing economic uncertainty makes the return and sustainability of these titles no longer viable. We have been forced to reset and future-proof the business like all of the media industry has."
The company confirmed some staff were offered temporary work during the pause period, and there will now be "further conversations" to try and find new roles for affected team members.
A senior editor at the company told news.com.au it was a "devastating day", while others have taken to social media to share their dismay.
