The title will publish its last hard copy edition this month after 43 years.
In a statement on the Press Gazette website, Wilmington said: "Unfortunately Press Gazette, along with much of the profession, has suffered from a declining market [in recent] years and its losses have increased.
"We have therefore been forced to conclude that the market required to sustain a commercially viable Press Gazette magazine no longer exists."
The brand's will not carry any of the magazine's content or any news. Wilmington said it will be converted into a resource for the UK journalism community, featuring additional functionality that is to be rolled out in the coming months.
Wilmington said it remains committed to running the British Press Awards, which it said "have gone from strength to strength over the last three years".
The business media company bought Press Gazette in 2006, when it was a weekly title, saving it from closure.
It bought the magazine from former Daily Mirror editor Piers Morgan and PR agency chief Matthew Freud, who had only owned it for a short time. They had bought the title from Quantum Business Media in 2005.
Wilmington relaunched Press Gazette as a monthly, features-led magazine at the end of August last year and increased the website's role in providing news. The magazine had 2,500 subscribers.
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