Bad press: Venerable trade mag Editor & Publisher likely to fold

In a year that saw 40,000 journalists lose their jobs and 143 newspapers fold, Editor & Publisher magazine stood like a sentinel, reporting every layoff, bankruptcy and closing with accuracy and integrity. But now, after 125 years of never missing a deadline or a chance to call industry leaders to the carpet for incompetence, E&P is being put to bed itself.

If a new owner does not step forward soon and buy E&P from current owner The Nielsen Co., the magazine labeled by many as the conscience of the industry will be forced to close. In fact, E&P writers have started convening at an informal blog site, "E&P in Exile."

But there's good news, newshounds: E&P has so many fans and supporters in the beleaguered industry that some frantic scrambling could save the venerable magazine at the last minute.

"Discussions are ongoing and there are several people who are interested," E&P editor Greg Mitchell told WalletPop Wednesday. "There's nothing signed, and we don't know exactly what they're interested in, so I can't say much. But there's this outpouring of support that's gratifying, and we're leaving with some good hopes."

Those good hopes come largely because journalists have rallied around the magazine (which traces its origins to 1884), making its struggle a major news story. The trouble for E&P began when Nielsen, which took over the magazine about four years ago, announced a deal earlier this month with e5 Global Media Holdings, LLC, a new company formed jointly by Pluribus Capital Management and Guggenheim Partners.