Trader Media Group will cease publishing its Auto Trader classifieds magazine by the end of 2013, its chief executive has said.

John King said the decision will be made later this year but the publishing company is looking at ending the publication around 12 to 18 months from now.

TMG has been heavily focused on becoming an online publisher in recent years, and its Auto Trader website is the UK's most popular destination for car buyers searching online.

More than half of group revenue comes from digital now.

The magazine sells an average of 87,000 copies per week, reports the Daily Telegraph. www.telegraph.co.uk/finance/newsbysector/mediatechnologyandtelecoms/media/9368675/Auto-Trader-to-be-axed.html

Financial results show TMG's pre-tax profits fell from £83.5m to £22.3m in the year to April 2012 as it suffered £89.2m of finance costs from restructuring its debt.

Group revenues increased from £254.4m to £257.2m.

TMG is jointly owned by private equity firm Apax and the Guardian Media Group.