Earlier this month, Wilmington revealed it was to axe the Manson-printed magazine and move the title online-only.

At the time it said: "The market required to sustain a commercially viable Press Gazette magazine no longer exists."

However, Progressive Media Group yesterday acquired the Press Gazette following several weeks of consultation between Wilmington and the title's staff regarding the title's future

"We are pleased to announce that we have completed a transaction with Progressive Media for them to acquire Press Gazette.

"[Progressive Media will] continue the publication of Press Gazette in both printed and electronic formats," Wilmington Group said in a statement.

However, the group will collaborate with Progressive Media on The British Press Awards and other events associated with the title.

Less Kelly, managing director of WBI Media & Entertainment, which is part of Wilmington Group, said: "It's a fabulous deal. Just because we couldn't make the magazine pay does not mean another company cannot."

He added: "We'll continue to work closely with them and it is the best deal for both parties."

Press Gazette has been in print for 43 years but moved into a new A4, monthly format in August last year. It has a print run of around 3,000 copies.