Two of the UK’s biggest consumer magazine publishers, Condé Nast Britain and Hearst UK, have said they are to “withdraw” from magazine distributor Comag, which together they jointly own.
The announcement came in a short statement today. Press Gazette was told there was no additional comment from either company.
Hearst UK owns 65 per cent of Comag, with the remaining 35 per cent held by Condé Nast Publications.
The move leaves Comag, which was founded in 1977, facing an uncertain future.
A spokesperson said Comag “will be consulting with its staff and will also remain in close contact with its clients and suppliers”.
They added: “The shareholders are committed to this being a thorough, well-managed process for all parties.”
According to its website, Comag Group has a “23 per cent share of the UK newsstand market”.
Hearst UK publishes 24 magazines and website titles, including: Good Housekeeping, Elle, Harper’S Bazaar, Esquire, Red and Men’s Health.
Condé Nast Britain publishes 16 magazines and websites including: Vogue, GQ, Tatler, Wired and Vanity Fair.
Comag declined to comment.