Publisher TI Media blamed the magazine's woes on digital competition for celebrity news. 'Now' had an average circulation of 44,709 last year and 2,889 paid subscribers.

'The Face' magazine helped to define an era with its eye for youth movements and U.K. subculture before closing in 2004. The question for the new 'Face' will be how the magazine can differentiate its voice when social media provides a platform for a new generation of social influencers.