Magazines come to abrupt end,

Radio Sport with immediate effect and is understood to be consulting staff about redundancies.

Bauer’s Australia and New Zealand chief executive, Brendon Hill, said: ‘‘Magazine publishing in New Zealand is currently suspended as part of the New Zealand Government’s decision to move to the Covid-19 level 4 restrictions.

‘‘We understand the New Zealand Government’s decision to move to Covid-19 level 4, but it has put our business in an untenable position. Publishing in New Zealand is very dependent on advertising revenue and it is highly unlikely that demand will ever return to pre-crisis levels.

‘‘In response to the situation, Bauer carried out an urgent review of its New Zealand operations and considered all options to keep part or all the business open, including engaging with the New Zealand Government.

‘‘An active search is under way to find buyers for our New Zealand assets, including our many iconic titles; however, so far an alternative owner has not been found.’’

Broadcasting, Communications and Digital Media Minister Kris Faafoi said the Government could have provided half a million dollars for Bauer through the wage subsidy scheme or the business finance guarantee but the company had not sought that.

‘‘In recent conversations I had with Bauer, they indicated they were not interested in seeking any forms of Government assistance,’’ Faafoi said.

‘‘I also note that Bauer had indicated for some time, as have other media organisations, that they were facing challenges around viability of their operations here in New Zealand before the Covid-19 pandemic.