The May issue, out this month, will be the last hard copy, with the group citing a declining market and increased losses incurred by the magazine despite "significant sums" invested into it.

"We have therefore been forced to conclude that the market required to sustain a commercially viable Press Gazette magazine no longer exists," the company said in a statement.

It added that while it will no longer offer the magazine’s content online, it aims to develop the website as a resource for the UK journalism community, including job listings.

Press Gazette has been in print for 43 years but moved into a new A4, monthly format in August last year.

The news follows last week's announcement that men's lifestyle magazine Maxim UK was also to switch to an online-only format.