Press Gazette, formerly known as UK Press Gazette (UKPG), is a British media trade magazine dedicated to journalism and the press. First published in 1965, it had a circulation of about 2,500, before becoming online-only in 2013. Published with the motto The Future of Media, it contains news from the worlds of newspapers, magazines, TV, radio and online, dealing with launches, closures, moves, legislation and technological advances affecting journalists. Commercially, it is funded by subscriptions and by publication of recruitment and classified advertising, as well as occasional display advertising. Since 2010 it has been owned by Progressive Media International, which also owns the magazines New Statesman and Spear's. History Press Gazette was launched in November 1965 by Colin Valdar, his wife Jill, and his brother Stewart. Upon the Valdars' retirement in 1983 the magazine was sold to Timothy Benn, who sold it in 1990 to the Canadian publishing company Maclean Hunter. The magazine was sold again in 1994, this time to EMAP. Three years later the magazine was sold again, along with MediaWeek and 12 other titles, to Quantum Business Media for £14.1 million. High-profile owners and closure Rupert Murdoch's son-in-law Matthew Freud became the new owner of Press Gazette in May 2005, entering into partnership with former Daily Mirror editor Piers Morgan to raise around £600,000 to buy the title. The purchase was part of the break-up of Quantum Business Media by its owners, the venture-capital group ABN Amro Capital. On 19 October 2006, Freud announced that the magazine was for sale, citing as a reason indifference in the newspaper industry to the British Press Awards. The company owned by Freud and Morgan, Press Gazette Limited, subsequently entered administrative receivership. Initially, the receivers were unable to find another buyer for the magazine, and on 24 November 2006 it closed. Acquisition and relaunch After the publication missed one issue, Wilmington Group plc announced on 5 December 2006 that it had acquired the title. Wilmington Media editorial director Tony Loynes, a former Press Gazette editor, led the take-over. He named news editor Dominic Ponsford as editor, and the magazine moved from Fleet Street to Wilmington Media's Old Street headquarters. Both the magazine and its website PressGazette.co.uk underwent a redesign in May 2007, including a new masthead and body font. The magazine switched from weekly to monthly publication in August 2008. On 6 April 2009, Wilmington Group announced the May 2009 issue