The media industry received an unpleasant bit of news on Thursday: the magazine Editor & Publisher, which has covered the newspaper industry for over a century and won acclaim and awards over the past decade for its critical reporting, will cease publication at the end of the year. The move comes after the sale of a unit of magazines by Nielsen Business Media to 5 Global Media, a new company formed by Pluribus Capital Management and Guggenheim Partners. E&P staffers were notified of the news this morning.

Greg Mitchell has been E&P’s editor since 2002. He’s been tweeting about the news at his active Twitter feed, and also spoke for a few minutes with CJR assistant editor Greg Marx. An edited transcript of that conversation appears below.

CJR: Did you guys see this coming? It certainly came as a surprise to us, hearing about it.

Greg Mitchell: It was kind of a shock to us, only tempered by the fact that for the past month there had been online reports that there was some sort of deal that Nielsen was about to sell a bunch of magazines. And according to the reports, we were part of that deal; in other reports, we weren’t.

So it wasn’t a shock in the sense that we knew something was boiling, and that quite likely there would be some kind of sale. But we thought either we would be part of the deal, or we would be left behind and that would be OK, too. But not that we would fold this quickly, and with no online [presence]. It’s just sort of totally ceased publication.

CJR: So the Web site is going to disappear entirely?

GM: Unless there’s an outpouring of support and outrage, and people step forward, which could certainly happen. As of now, we’re here until the end of the year. We can come into the office until the end of the year; we’ll be at our phones and our desks, staying together. But there’s absolutely no plans for Nielsen to print the magazine or keep the Web site going.

CJR: What’s the general mood like there?

GM:Again, I think people are shocked. It’s a weird situation here—Nielsen owns forty-some magazines broken into three different units, and we were part of the unit with the magazines that have been sold, Brandweek and Adweek and Hollywood Reporter and so forth. And this all happened at the same time, so you have dozens of people on the same floor here being taken into meetings about their new owner, and trying to figure out what’s ahead for them. And at the same time, we’re hearing that we’re ceasing. So it’s kind of a strange day.

CJR: Were you given any explanation as to why you would be ceasing publication?

GM: It’s just a business decision, nothing to do with performance. We had turned the magazine around completely since 2003. We were a weekly until 2002, when we were starting to struggle, and we went monthly. And to the amazement of practically everybody, we turned things around, started making money, won awards, the Web site become tremendously popular and influential—it was quite a success story. So it was kind of a shock to us [to hear that] E&P would not keep going in some form.

CJR: Are there any aspects of that turn-around you’re particularly proud of?

GM: Even before I got here, E&P was practically the first magazine that was really promoting newspapers going on the Web—pushing, stressing, cajoling. In fact, our interactive conference is over twenty-five years old. And when I came in here, I really pushed for our own Web site to became more prominent. We made a big impact on the Web, going back seven or eight years ago. It really helped make us more of a force.

Greg Marx is a CJR staff writer. Follow him on Twitter @gregamarx.