Toronto’s NOW Magazine is cutting back on printing weekly issues for at least the next two months in an effort to save money and grow its online audience.
The magazine tweeted the news on Thursday, explaining why the newsstands that are usually full of copies of their latest issue were instead empty.
“Our current print issue featuring Domee Shi’s Turning Red on the cover will be the last for a few weeks,” a statement by acting editor Radheyan Simonpillai wrote in a statement.
- You might also like:
- Bell Media layoffs: CTV Vancouver anchors and radio hosts let go
- Canadian millennial and Gen Z household income hit hardest by pandemic
- Grimes unintentionally reveals birth of second child with Elon Musk
The statement said that the next planned print issues are scheduled for April 7 and May 5. The cutbacks, according to Simonpillai’s statement, are part cost-saving and part to promote NOW‘s digital work.
The stands were empty this morning. Here’s why. pic.twitter.com/tOQ8krY63j
— NOW Magazine (@nowtoronto) March 10, 2022
Media Central Corporation, which purchased NOW Magazine in 2019 for $2 million, is in negotiations with creditors after defaulting. The negotiations were announced earlier this week, on the same day that Media Central Corporation announced that its chief financial officer resigned.
In September 2021, Media Central Coporation announced that the company would be selling nine NFTs made from previous covers published by NOW Magazine and Georgia Straight. The NFTs are still listed as open for bidding.