No more 'Cosmo' & 'House & Leisure' as Associated Media Publishing to close
268 days ago
JOHANNESBURG - Associated Media Publishing (AMP) - one of South Africa’s most powerful independent media houses - will be closing shop permanently. AMP chief executive Julia Raphaely has on Thursday announced the company will cease trading and publishing its magazines - including Cosmopolitan, House & Leisure and Women on Wheels from 1 May 2020.
The company was launched in 1982 by Jane Raphaely, a pioneering woman in the media industry, and in 2010, her daughter Julia took over the company to try and adjust to the changing times where print has begun losing its charm with readers who prefer to find their content online and without paying for it.
"The unexpected and devastating impact of Covid-19, causing the closure of printing and distribution channels, the global halt on advertising spend as well as the inability to host events for the foreseeable future, have made it impossible to continue trading, despite large amounts of personal funds having gone into AMP," the company said through a statement on Thursday.
“The future of many industries is uncertain. AMP is currently dealing exclusively with trying to minimise the negative financial implications this terrible outcome will cause to creditors and staff,” Julia said.
“This is the most difficult decision I have ever had to make,” said Julia. “For the last 38 years, AMP has been one of South Africa’s leading publishers and our titles have been part of many people’s lives. It's a big blow for magazine media brands in South Africa as they hold a special place in our country. We never thought this day would come, but we are left with no choice.”
Julia added she was grateful to people who helped create the publications they put out in the last decade, of which AMP was extremely proud of.
This article first appeared on EWN : No more 'Cosmo' & 'House & Leisure' as Associated Media Publishing to close