The business said it “has taken the strategic decision to move to a digital-first model” and will focus its efforts on digital channels, live events, and Time Out Market.

“While Time Out’s core DNA and offering – celebrating and curating the best experiences in the best cities around the world – has never been more relevant, city life has changed, people have changed, and Time Out has changed too,” the company said in a statement.

“As such, the business has made the difficult decision to cease printing a hard copy magazine in London at the end of June 2022.”

The business said the coronavirus pandemic had accelerated a transformation that was already underway.

Walstead currently prints Time Out London, which has an average print run of 310,000 magazines fortnightly.

Tony Elliott started Time Out in London in 1968 and the business now has a global monthly audience of 76.2 million people across 333 cities, in 59 countries via its media channels – digital, social, video, print – and seven Time Out Markets across the world.

Time Out Group CEO Chris Ohlund said: “Time Out needs to make sure it’s creating the right content, on the right channels and platforms where our consumers are now.

“Our content celebrates the very best things to do in London and around the whole of the UK across culture, entertainment, travel, food, drink and all the other things we and our audience love.

“We will continue to innovate and grow our digital channels, especially across social media and video. We have already made progress with this same transition with huge success in the USA.”

He added: “The Time Out London magazine remains a big success, but we’re currently seeing the most exciting growth, engagement and innovation on our digital channels. That’s why we’re making the bold move to a digital-first model based on robust consumer insights, which is an exciting plan to keep Time Out relevant and thriving for years to come.”

In March 2020 the magazine went digital-only for the first time since it launched after reporting a “slowing” of advertising revenues due to the pandemic. Four months later it returned to print with an issue dedicated to founder Elliott, who passed away on 17 July 2020.

In its unaudited results for the six months ended 31 December 2021, which were released at the end of March, Time Out Group reported a net revenue increase of 106% to £24.7m. Its gross margin declined marginally from 82% to 80%.

The company stated: “The decrease in group gross profit as a percentage of net revenue from 82% to 80% is primarily driven by the media revenue mix in the period where lower margin, print products diluted the gross margin from 81% to 76%. Time Out Market gross margin as a percentage of net revenue declined slightly from 84% to 83%.”

The publisher did not specifically reference the impact of rising print and paper costs on the decision.