The magazine's parent company, the Wilmington Group, said today (6 April) that the final issue of the title would be its May edition, on sale this month.
Six full-time staff across the commercial and editorial teams are now involved in consultation at the publisher.
A group statement said: "Unfortunately Press Gazette, along with much of the profession, has suffered from a declining market during these 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 group said it would continue with the British Press Awards and other events. The website will no longer carry editorial content, but will instead offer information for journalists.
The magazine, which has 2,500 paying subscribers, was bought by Wilmington after it went into administration in December 2006. Previous owners include former Daily Mirror editor Piers Morgan and public relations guru Matthew Freud.
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