GameStop Corp ( GME ) , the owner of one of the last remaining gaming magazines, announced the shutdown of Game Informer after 33 years of publication.

The company proposed to downsize the entire magazine staff, the Verge cites Kotaku.

Game Informer did not provide a specific reason for the closure in a statement posted on X.

Also Read: GameStop Short Seller And Citron Founder Andrew Left Pleads Not Guilty To Fraud Charges

In 2023, GameStop ( GME ) CEO and chairman Ryan Cohen emphasized the need to scrutinize every expense and eliminate waste, the Verge cites an email obtained by Kotaku.

Game Informer introduced a direct subscription model in March, previously available only through GameStop Pro subscriptions or individual purchases.

Editor-in-chief Matt Miller acknowledged industry challenges in a blog post. This post has since been replaced with the shutdown message.

Analysts criticized GameStop’s business model. However, experts anticipated support from the company’s strong cash position and upcoming video game console releases from Sony Group Corp ( SONY ) , Nintendo, and Microsoft Corp ( MSFT ) .

Investors can gain exposure to GameStop ( GME ) through iShares Core S&P Mid-Cap ETF ( IJH ) and Vanguard Small-Cap ETF .

Price Action: GME shares were trading lower by 12.01% at $18.55 premarket at the last check on Monday.

Also Read: Chewy Founder, GameStop ( GME ) CEO Ryan Cohen Posts’ TRUMP’ 665 Times On Elon Musk’s X: Cryptic Message Has Internet Guessing

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.