That’s the sad news being reported by New York Magazine‘s Daily Intel, which claims that the magazine, which is owned by Newsweek publisher Washington Post Co., is already clearing out. (Update: We received word from a Newsweek spokesman that Budget Travel is not folding. Read the full update here) The reported closure is likely due to rapidly declining ad revenue, something many magazines have been experiencing. Said Daily Intel:
“The company had a 33 percent drop in revenue for their magazine division in the most recent quarter, compared to the third quarter last year â€” but they attributed it publicly to losses in ad revenue at Newsweek.”
Our sister blog MediaJobsDaily adds that, if the magazine is closing up shop today, January’s issue may be its last: “staff were in the midst of closing ad sales for February when ‘suddenly told to hold on the usually tight closing date.’”
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UPDATE: A Newsweek spokesman tell us that Budget Travel lives on.
Budget Travel Shuttering? –Daily Intel
Budget Travel To Close Soon? — MediaJobsDaily
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