UK newspaper industry trade magazine and Web site Press Gazette will close, despite a 50 percent increase in unique users over last year, owner Wilmington Group announced Monday.

The monthly magazine counted 2,500 subscribers, each of whom paid £115 per year, and its Web site tracked approximately 150,000 visitors per month, which marked an increase of 50 percent from the preceding year, Media Guardian reported. The May issue will be the magazine's last.

Press Gazette was bought by Wilmington in 2006 after several changes in ownership and format. For most of its history, the magazine was printed on a weekly basis, but the edition moved to a monthly printing backed by an online edition that reported breaking news.

The plan is to eventually continue publishing on the Press Gazette Web site, although new content will not include journalism.

"There will not be news coverage but we will develop the site to offer other services, such as training and freelance referrals," said Les Kelly, managing director of Wilmington's media and entertainment division, according to Media Guardian.