Condé Nast and Hearst pull the plug on Comag

Condé Nast Publications and Hearst Magazines UK have finally pulled out of the distribution business they set up together, after it posted losses last year.

Comag Marketing Business was founded in 1977 and was jointly owned by Hearst Magazines UK (65%) and Condé Nast Publications (35%). The company fell to a £3.99m loss last year according to company accounts.

Sources said Hearst would still be “committed” to print and the company would seek another distribution arrangement.

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