That could be the reason, but it could also be because weekly news magazines are becoming obsolete for the same reasons that news reels went out of style with the advent of the TV. With the internet, people have instantaneous access to news around the globe, and by the time the weekly news magazines hit the stand, the news they cover is more like ancient history.
Re#19 True. Also true for dailies. BUT, there have also been a lot of cancellations because of the bias. NY Post, Washington Times (and WSJ I think) are doing fine...