In the announcement, the company says it did not have a choice but to announce the news, as “the survival space for printed media has kept on shrinking”.
The 20-year old magazine will go full digital starting today, and the final issue will be published on August 3rd.
This follows Next Digital’s announcement last week, in which the media company accepted an indicative offer from Metro Daily‘s former owner Kenneth Wee for HK$500 million to sell Next Magazine, Sudden Weekly, Face, ME! and Next+One in both Hong Kong and Taiwan.
Its flagship newspaper Apple Daily, as well as JF Digital and Eat and Travel Weekly magazines, are not affected by the deal, all continuing to be owned by Next Digital.