Shock As Cosmopolitan Magazine and Others Close Down in South Africa

Julia Raphaely, CEO at Associated Media Publishing (AMP), issued a statement on Thursday announcing the closure of AMP. Her announcement was met with shock and sadness by readers, as well as by fellow colleagues in the publishing industry which has been hit hard by advertisers reducing their budgets during the COVID-19 pandemic.

Writing on LinkedIn, Raphaely – whose mother Jane Raphaely had launched the company in 1982 – said: “The most difficult day in my entire business life so far. ?”

She said the company will cease trading and publishing all its magazine titles from Friday 1 May. AMP’s magazines include Cosmopolitan, House & Leisure, Good Housekeeping and Women on Wheels.

Apart from a reduction in ad revenue, the company was also unable to generate income by hosting events “for the foreseeable future” under current social distancing and lockdown restrictions.

Raphaely revealed that large amounts of personal funds had been invested in AMP before this final decision was taken.

She said: “For the last 38 years, AMP has been one of South Africa’s leading publishers and our titles have been part of many people’s lives. It’s a big blow for magazine media brands in South Africa as they hold a special place in our country. We never thought this day would come, but we are left with no choice.”

Raphaely expressed her great sadness at the distress the decision would cause. “We have a wonderful team of talented employees, as well as loyal suppliers and clients who will be affected. They have all been a valued part of AMP’s journey.”

She added: “We are forever grateful to the people who have been involved and helped to build important media platforms and inspire millions of people across the country.”

Raphaely said the future of many industries is uncertain.

For now, she said, “AMP is currently dealing exclusively with trying to minimise the negative financial implications this terrible outcome will cause to creditors and staff.”