Reader's Digest closes after 86 years due to financial pressures
- Eva Mackevic, the editor-in-chief, made the announced on Linkedin yesterday
- In its time it has printed nearly 1,200 issues and published over 35,000 articles
Reader’s Digest has been forced to close its door after 86 years in operations, due to ongoing ‘financial pressures’.
Eva Mackevic, the current editor-in-chief, heart wrenchingly made the announcement on LinkedIn yesterday evening that the British edition has ‘come to an end’ due to the ‘unforgiving magazine publishing landscape’.
The iconic magazine, which amassed interviews with world leaders, acting legends and music icons in its almost 1,200 issues, will ‘cease trading immediately’.
She wrote: ‘Unfortunately, the company just couldn’t withstand the financial pressures of today’s unforgiving magazine publishing landscape and has ceased to trade.’
Reader’s Digest was founded in the US by DeWitt Wallace and his wife Lila in the basement of a Greenwich Village speakeasy in 1922
Eva Mackevic, the current editor-in-chief, heartwrenchingly made the announced on Linkedin yesterday evening that the British edition has ‘come to an end’ due to the ‘unforgiving magazine publishing landscape’
The readership grew massively over the first decade, until the first international edition was published in the UK in 1938 under the motto ‘Articles of enduring interest’
The closure comes 14 years after it fell into administration because of a £125m pension fund deficit.
The struggling magazine was rescued by Better Captiol before it was sold again in 2014 to venture capitalist Mike Luckwell, who made millions from the TV company behind Bob the Builder.
READ MORE: It’s farewell to Reader’s Digest as British edition of iconic magazine closes down after 86 years due to ‘financial pressures’: Editor-in-chief shares touching tribute
It was founded in the US by DeWitt Wallace and his wife Lila in the basement of a Greenwich Village speakeasy in 1922.
The idea had come to Mr Wallace after he had suffered shrapnal wounds in World War I and had begun collecting ‘hundreds’ of articles while bedbound in recovery.
Depite the concept being rejected by 18 companies, Mr Wallace pushed ahead anyway and it was a hit.
The readership grew massively over the first decade, until the first international edition was published in the UK in 1938 under the motto ‘Articles of enduring interest’.
By the early 1960s there were 23 million people reading one of its 40 different international editions, published in 13 languages.
The magazine boasted a long history of campaigning, as early as 1924 it printed a story linking tobacco use to premature death.
A subject which the magzine wrote about often, most notably in 1952 with an article headlined ‘Cancer By the Carton’ which led to the largest drop in smoking since the Depression.
By the early 1960s there were 23 million people reading one of its 40 different international editions, published in 13 languages
By 2000 Reader’s Digest UK was selling more than one million copies a month
In 1986 Readers Digest UK marked its 50th anniversary by planting 1.5 million bulbs to create the Crocus Carpet at London’s Kew Gardens, where the bulbs continue to multiply and bloom to this day (above)
The Reader’s Digest Great World Atlas, a British conception was published in 1961 and it was game-changing in the world of news as it was the first time that pictures and text had been truly integrated by any publisher.
Perfection was always at the heart of its issues, it was reported that mid-way through development of a book about the Second World War in the 1980s the decision was made that the text wasn’t good enough.
It led to almost 500,000 words being changed, and 500-plus pages laid out afresh.
In 1986 Readers Digest UK marked its 50th anniversary by planting 1.5 million bulbs to create the Crocus Carpet at London’s Kew Gardens, where the bulbs continue to multiply and bloom to this day.
Even her late Majesty congratulated the publication on ‘a half century of responsible and entertaining journalism.’
The relationship with the Queen remain strong and in 1988 it unveiled a commissioned portrait of Queen Elizabeth to celebrate her 60th birthday, which Buckingham Palace claimed ‘she likes it – very much.’
The portrait can still be seen today hanging in the permanent collection of the National Portrait Gallery in London.
By 2000 Reader’s Digest UK was selling more than one million copies a month.
And in 2005 the UK team landed a world exclusive interview with Nelson Mandela about how it was his faith in humanity that got him through his years of turmoil and persecution, and go on to forge a nation.
In more modern times the likes of Sharon Osbourne, Ricky Gervais, Idris Elba, and Judi Dench are among the celebrities who have featured on its front cove
Mid-way through development of a book about the Second World War in the 1980s the decision was made that the text wasn’t good enough; almost 500,000 words were replaced, and 500-plus pages laid out afresh
In more modern times the likes of Sharon Osbourne, Ricky Gervais, Idris Elba, and Judi Dench are among the celebrities who have featured on its front cover.
Just last year Readers’ Digest landed an interview with the King of rock, Rod Stewart to dicuss his campaign about the menopause, helping Ukrainians, and how was offered over £1million to play at the Qatar World Cup but turned it down over his own morals.
As well as interviewing the Mayor of London, Sadiq Khan to pick his mind on politics and pollution.
In its hayday the magazine had such wealth that its HQ in Manhatten boasted original works by Matisse, Renoir and van Gogh on its walls for its journalists to admire.
Sadly the reality of the modern world, the birth of the internet and a growth of competitors using similar marketing tactics meant Readers Digest could no longer compete in the market.
This comes after the Canadian edition of Reader’s Digest shut down at the end of last year blaming ‘declining ad sales revenues, increased production and delivery costs and changes in consumer reading habits’.
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