St. Joseph Media

St. Joseph Media

November 14, 2008 11:30 ET

Announcement: St. Joseph Media

TORONTO, ONTARIO--(Marketwire - Nov. 14, 2008) - St. Joseph Media announced today that it will be suspending publication of Wish and Gardening Life magazines as of the end of this year.

"The global financial crisis has triggered such a sharp decline in advertising markets that prudent media companies around the world are evaluating their portfolios and making tough decisions about those brands least able to withstand the downturn," president Douglas Knight said in a letter to staff today.

Announcements of closures and cutbacks from Canada, the US and Europe in recent weeks are testimony to how widespread these conditions are.

"These decisions take nothing away from the pride we share in the creative excellence of both Wish and Gardening Life magazines. Both magazines have been widely praised for the quality of their journalism, photography and design and both magazines have connected deeply with their loyal readers," Mr. Knight told staff.

Readers of Wish have responded with particular enthusiasm to the 20-Minute Supper Club, which has grown to more than 55,000 online members. As a result the company announced it will be launching a stand-alone website and a 20-Minute Supper Club annual magazine in the New Year. Similarly Toronto Life will add a Home and Gardening annual to its successful series of annual supplements.

St. Joseph's magazines as a group have significantly outperformed the market and are well positioned to weather the storm. St. Joseph Media continues to seek opportunities to innovate, to expand and to make accretive acquisitions.

About St. Joseph Media: St. Joseph Media publishes Toronto Life, FASHION Magazine, Canadian Family, Weddingbells, MARIAGE Quebec, Where Canada magazines, Ottawa Magazine and Quill & Quire. St. Joseph Media is a division of St. Joseph Communications, Canada's largest privately owned communications company with four business platforms in content, print, documents and media. St. Joseph Communications has been recognized as one of Canada's 50 Best Managed Companies for the last five years. Visit www.stjoseph.com

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