Rogers Media (TSX:RCI.B) is getting out of magazine publishing.
The Toronto-based company has struck a deal with the publisher of Toronto Life to sell its remaining magazine brands for an undisclosed amount of money.
In a press release, Rogers Media and St. Joseph Communications announced that venerable magazine titles such as Maclean's, Chatelaine, Today's Parent, HELLO! Canada, along with digital only publications FLARE and Canadian Business, are being sold.
"All current Rogers Media Publishing employees will be offered employment through the deal, which is expected to close in April 2019," reads the press release.
After buying the Maclean-Hunter media empire in 1994, Rogers Media grew quickly in the magazine world, and soon became the biggest magazine publisher in Canada. But in recent years, Rogers has been reducing its print footprint. In 2016, the company phased out the back publication of some magazines and stopped producing others altogether while laying off staff. Last fall they sold off MoneySense magazine to fintech company Ratehub Inc.
St Joseph's calls itself "Canada's biggest privately-owned print, media and communications company,” and their best-known product is likely the magazine Toronto Life.
They also own FASHION Magazine, Wedding Bells, Ottawa Magazine, Quill & Quire and other titles. St. Joseph's claims that each monthly issue of Toronto Life is read by 611,000 people.
The company said it plans to develop and grow the magazine brands it bought from Rogers Media.
