IBJ Staff  

Shrinking advertising revenue has persuaded the owners of Indy Men's Magazine to stop publishing the free, glossy monthly after five years.

Publisher Todd Tobias said the final, May issue will be distributed in late April: "As a monthly print publication, we're done," he said.

Magazine parent Table Moose Media LLC is owned by Tobias, his father, former Eli Lilly and Co. CEO Randall Tobias, and Tim Durham, an Indianapolis businessman and friend of Todd Tobias.

Todd Tobias said that while the magazine had profitable months, it wasn't making money overall.

That wouldn't have been a problem in the first couple of years, a period when publications define their audience and brand, he said. However, ad revenue inexplicably dipped in the past few months.

The magazine had grown to publishing 50,000 copies a month, and surveys showed readership topped 100,000 some months.

"I'm kind of baffled," Tobias said. "It's not like this thing has always been bleeding. There were tent-pole months."

An Indy Men's Magazine television show will air April 5 on WNDY-TV Channel 23. If it is received well, the show might appear several times a year, he said.

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