Bauer Media, which acquired Australian publisher ACP for $500 million in September, might be planning to close down Grazia magazine.

Reports suggest that the new owners of the iconic publishing house might announce the closer of the magazine tomorrow. Bauer Media has not confirmed reports suggesting that the management is planning to axe the magazine today. Reportedly, the news of the closure was revealed to the staff members only after a report was leaked to the media.

If the management decided to close the magazine, it could affect 30 jobs at the company. It is believed that the reasons for the close of the magazine is due to a poor circulation figures and the imminent launch of new magazine, Elle.

Staff at ACP believes that Bauer is a family company much like ACP when it was new in the business. At the time of the takeover, the staff members said that they believe that the new buyers know the publishing business well and might be good for the company instead of anyone else who would simply investment money to make more money.

The Bauer family has been linked to the publishing business since the 19th century. Bauer earned a name for it in Germany in the 1960s and 1970s with various offerings like TV guides, mass-market women's and gossip rags, and erotic men's magazines. Bauer currently owns several globally popular names and generates revenues of more than _2 billion.