The company has appointed insolvency specialists Amco Agency to dispose of the assets and intellectual property of the magazine, which has been published continuously for 55 years. The company said it was selling the brand because it did not fit with its core business.
Amco is promoting the potential of a recently established website, whatsoninlondon.co.uk, which it argues could generate a significant share of the title's revenues.
The site currently publishes basic listings and reviews of London leisure activities, including concerts, films, exhibitions and restaurants.
Following the closure of recent upmarket launch So London, and with classified advertising increasingly migrating online, a web-only future for the title looks possible.
Time Out has delayed launches of print editions for Manchester and Liverpool and is looking at targeting further cities with online listings guides. Strand recently revamped What's On In London with a new cover style and the addition of property, shopping and wine sections.
Launched in 1952 as Where To Go In London, the magazine remained with the family of founder GD Shaw's company, Where To Go, until 1999, when ownership switched to a non-executive director of the firm.
Remnant Media owned the title for a year but disposed of it, along with Front magazine, when it went into administration last year.
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