Associate publisher Ewen Page said: "The staff has done agreat job on Zoo Weekly over the years and I commend their work and thank them for their dedication and effort.
"It is not an easy decision to close a magazine and we have certainly considered all options before coming to this conclusion."
It comes after a 36 per cent decline in sale during the final quarter of 2014 and Bauer Media withdrawing Zoo Weekly from the ABC circulation auditing figures in May.
Last month Australian supermarket Coles removed the magazine from its stands, after a petition organised by 23-year-old Laura Pintur from activist group Collective Shout gathered 40,000 signatures.
A similar campaign was also underway in New Zealand.
Another member of Collective Shout, Coralie Alison, took to social media to say she was thrilled at the news Zoo Weekly would soon disappear altogether from shelves.
