As reported on Brand Republic on Friday, the title was expected to go into administration as hopes to find a buyer for the title, which is co-owned by Matthew Freud and Piers Morgan, appeared to be fading.
Reeves told Brand Republic this afternoon that Press Gazette was now in administration, but it is understood that it will produce an issue this week and will continue to while there are the finances to do so.
Freud and Morgan contacted staff at the title last week to tell them the news, following Reeves' call for Press Gazette to become industry-owned and resolve the dispute over its ownership.
Under the proposals, Reeves said the title intended to outline plans to 40 industry chief executives and organisations to invite them to become founding members of the Press Gazette Trust.
However, the proposals have so far been met with a cool response, and no party has publicly acknowledged interest in acquiring the title, which has a circulation of 5,010.
Trouble for Press Gazette began when Associated Newspapers, Express Newspapers and The Telegraph Group boycotted the 2005 British Press Awards, the title's principal money earner, over objections to Freud and Morgan's supposed unsuitability to own the title, remarking they were "inappropriate administrators".
Press Gazette was co-acquired from Quantum Publishing in June 2005 by Freud and Morgan.
According to reports, two unnamed parties have lodged an interest in saving the title.
There has so far been no public comment from Press Gazette's owners about the title's immediate future.
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