Simon Read, Press Gazette managing director, told the title's 20 staff late on Friday that they were to be made redundant, after hopes of securing the title's financial future faded.
A statement on the Press Gazette read: "Press Gazette's editorial team would like to thank all of its readers over the past 41 years, and all of those who have given us support in the recent difficult weeks."
The announcement follows editor Ian Reeves' call for the title, which is co-owned by PR guru Matthew Freud and former Daily Mirror editor Piers Morgan, to be acquired by the industry to protect its future. Freud is understood to have lost as much as £1m and Morgan £250,000.
The title went into administration on November 6 with Robert Allen of Vantage Corporate Restructuring, but said it intended to continue publishing for as long as it could do so.
Trouble began for Press Gazette when it was acquired from Quantum Publishing in June 2005 by Morgan and Freud, who were heavily criticised by some industry figures for being "inappropriate administrators" of the title.
The criticism led to Associated Newspapers, Express Newspapers and The Telegraph Group boycotting the 2005 British Press Awards -- Press Gazette's principal money earner -- resulting in a huge loss of prestige for the ceremony and revenue for the Press Gazette as a business.
Reeves had previously called for the establishment of a Press Gazette Trust by sending outline plans to 40 industry executives and organisations, inviting them to become founding members, but the proposals were met with a cool response.
However, no consensus could be found between Associated Newspapers and Telegraph Media Group, which were unable to convince rivals News International and Guardian News & Media to come on board.
Another issue was that Allen was believed to have put a £500,000 price tag on the title and has refused to consider offers below this amount.
If you have an opinion on this or any other issue raised on Brand Republic, join the debate in the .
_1.jpg)
.jpg)
