E&P magazine shutting down after 125 years
Editor and Publisher, the trade journal that has covered the newspaper industry for 125 years, is being closed by the end of the year, staffers were told today.
Most of the Nielsen business publications are being acquired by e5 Global Media Holdings, LLC, a new company formed jointly by Pluribus Capital Management and Guggenheim Partners. But E&P and Kirkus were not included in the deal, leading to the decision to cease operations at both orphaned publications.
With the pending shutdown of the authoritative trade magazine and the reduction in the last few years in the number of securities analysts covering publishing, there will be scant independent reporting and commentary on the troubled industry at a time it most needs objective and honest feedback.
Although the next issue of E&P is just 10 days from press, the magazine’s New York-based staff was told in a hastily called meeting this morning that their publication would be shut and their jobs would be eliminated as of Dec. 31.
The full memo on the shutdown is at Romenesko and reaction is in the popular Fitz and Jen blog at E&P's website. Mark Fitzgerald and Jennifer Saba, the authors of the blog, are among the staffers who will lose their jobs.
A staff member who is being laid off said there are five editorial and three advertising employees at E&P. Staffers were told E&P was losing money and had not made budget since August, 2008. The extent of the operating losses were not revealed.