(RTTNews) - Media company Meredith Corp. announced its plans to close down Family Circle, the monthly magazine for women, after the December 2019 issue. The move follows the initiatives undertaken by Meredith after acquiring Time Inc. in 2018.
Doug Olson, President of Meredith Magazines, said, "When we acquired the Time Inc. portfolio of media brands in January 2018, we doubled our presence in the women's lifestyle category. Our portfolio philosophy continues to emphasize investing in brands that are market leaders and/or possess the highest growth potential. Sometimes, that means making hard decisions."
The magazine, founded in 1932, is currently published 12 times a year with a rate base of 4 million. According to Meredith's site, Family Circle has 13 million readers and more than 1 million followers on social media. The magazine initially was distributed at supermarkets.
Meredith acquired Family Circle in 2005 as part of its purchase of Gruner + Jahr USA. Meredith noted that Family Circle's subscribers will get another Meredith title until their subscription is fulfilled.
The company also reappointed Family Circle's major executives to new roles at other Meredith-owned brands. Family Circle's Executive Editor Rory Evans has been appointed as Executive Editor of Real Simple, a premier title in the women's lifestyle space, while Cheryl Brown, previously the Editor-in-Chief of Family Circle, was appointed as Executive Editor of Health.
Further, Family Circle's Publisher Brendan Smyth has given a new job as Publisher of Health.
A report by CNN stated that about 70 Meredith employees were laid off on Wednesday, including about 25 from Family Circle. Meredith reportedly plans to add more than 200 jobs in digital, video, consumer marketing and e-commerce.
Following its last year's acquisition of Time Inc., Meredith disposed Time, Fortune and Sports Illustrated magazines, but retained women-focused brands like Real Simple, Martha Stewart Living and Southern Living.
Meredith, which claims to be reaching 185 million American consumers and nearly 90 percent of U.S. millennial women, recently announced its plans to launch a new lifestyle magazine with TV hosts Drew and Jonathan Scott in January 2020.