According to The Wrap, the staff was informed in an all-hands meeting this morning by Clarity Media CEO Ryan McKibben. Earlier this month, news outlets reported on the publication’s uncertain future, despite its increased traffic year-over-year.
McKibben stated the publication had been hampered by many of the obstacles facing other media outlets.
“Despite investing significant resources into the publication, the financial performance of the publication over the last five years — with double-digit declines in its subscriber base all but one year since 2013 — made it clear a decision had to be made," he noted.
Some had suspected Clarity Media, which bought the magazine from Newscorp in 2009, would merge The Weekly Standard with its Trump-friendly publication The Washington Examiner as that outlet prepares to launch a weekly magazine.
There was no word on how many staffers will be let go from the company.
Avenue is the company's first media property; its holdings including a realty company and design centers, including New York’s D&D Building, Landmark Theatres and luxe brands.
Distributed exclusively among New York’s high-end residential buildings along, with seasonal issues in South Florida and the Hamptons, Avenue has expanded its reach over the past few years. That includes a robust digital presence along with digital newsletters and exclusive events.
Charles S. Cohen stated the purchase reflects his passion for “quality in all aspects of life and for redeveloping and repositioning great brands.”Avenue expects to introduce changes when the magazine is reintroduced with its 2019 March/April issue.