St. Joseph closes two magazines

St.Joesph Media points to the global financial crisis and declining ad revenues as reasons for the shutdown of two magazines in its stable. The company has suspended publication of Wish and Gardening Life, according to a memo from president Doug Knight published by Masthead.

Knight wrote:

“The global financial crisis has triggered such a dramatic decline in advertising markets that prudent media companies around the world are evaluating their portfolios and making tough decisions about those brands least able to withstand the downturn.  Announcements of closures and cutbacks from Canada, the US and Europe in recent weeks are testimony to how widespread these conditions are.

As a group St. Joseph Media has significantly outperformed the market and we are well positioned to weather the storm.  2009 will see the launching of a number of new initiatives as we continue to seek innovative ways to leverage our strengths and to serve our readers and our advertisers.

Inevitably a number of our colleagues will be leaving St Joseph Media as a result of these decisions, but the road is long and the magazine world is small so we hope the future may hold opportunities to work together again.  Please join me in wishing everyone at Wish and Gardening Life well.”

One Wish feature, a “20-Minute Supper Club,” which provides weekly recipes and shopping lists for readers, will remain in the form of a stand-alone website and an annual magazine. And an annual home and gardening supplement will be added to Toronto Life magazine.