UPDATE Having spoken to people familiar with the situation, I understand that the company plans to lay off all three editorial staff as part of the magazine’s closure. Les Kelly, MD of Wilmington Business Information, spoke to staff this morning and he told me the staff would compete a formal consultation period—he wouldn’t confirm there would be redundancies, saying only that there “could be”. He confirmed that the company had not found a way to sufficiently monetise PG’s journalism in either print or web.

Original: Journalism trade magazine Press Gazette will shut its print edition after 43 years, publisher Wilmington Business Information announced in a brief statement on Pressgazette.co.uk today. It says: “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.”

While Wilimington says “we aim to develop this site as a resource for the UK journalism community and we plan to roll out additional functionality in the coming months”, with that vague statement, it’s by no means certain that PG is going “online-only”.  Indeed, Wilmington’s media and entertainment MD Les Kelly tells Guardian.co.uk: “There will be no journalism on the site (after this weekend). There will not be news coverage but we will develop the site to offer other services, such as training and freelance referrals.”