Gemstar-TV Guide International Inc. has shuttered its money-losing Inside TV magazine, just eight months after it debuted.
The company, which also publishes TV Guide magazine, said Tuesday that Inside TV was not performing as expected and would publish its last issue this week. The company said it expects to incur costs of between $2 million and $5 million associated with the shutdown.
Gemstar said it had fired the magazine’s 40 full-time staffers, including editor Steve LeGrice, a former editor of In Touch Weekly and Star.
The full-sized, glossy magazine was launched in April, aimed at young female television viewers. It sold for $1.99 primarily at newsstands, alongside celebrity-driven competitors including People and Us Weekly.
But the magazine, which also included some program listings, never caught on.
Gemstar had previously said the title had racked up losses of $24.1 million since its inception, and could require substantial new investment in the coming months.
Earlier this month, Gemstar chief executive Rich Battista told analysts he was not satisfied with the content of the magazine and “its ability to compete in the marketplace.” Battista said the company was looking for ways to cut costs at the magazine.
The company launched a new, larger version of its flagship magazine, TV Guide, last month, which closely resembled the look and some of the content of Inside TV.
On Tuesday, Gemstar said it would be better to focus its efforts on TV Guide and that Inside TV was no longer serving the company’s goals.