From the Sidney Morning Herald, special thx to Phill for the tip:

Having struggled to make a buck in the cut-throat Australian market, Conde Nast finally called it a day on Monday. From next month its prestigious local titles, which include Vogue, GQ and Conde Nast Traveller, will be published by IPMG's burgeoning lifestyle division, fpcLiving.
The licensing agreement caught the industry unawares. Although it is widely estimated Conde Nast has been losing at least $5 million a year down under, the normally reliable publishing grapevine had heard barely a whisper that its Australian titles were up for grabs.
At first blush the haute couture international milieu of Vogue is a world away from the humble Randwick butcher shop from which the Hannan empire emerged late last century. The Hannans moved into publishing with the Randwick Coogee Weekly in 1932, expanding into printing in the 1970s.
Local players say the market is just too small for many international publishers to justify maintaining a presence here. "Producing a magazine costs pretty much the same no matter where you are in the world," PacPubs general manager of publishing Angela Brooks says. "But to get the same returns in Australia as the UK, you have to sell three to four times as many copies."
Even though Vogue boasts healthy circulation and advertising revenue, Conde Nast never managed to get its Australian costs under control. By sharing overheads across IPMG's magazine division, Michael Hannan is adamant he'll make money publishing the Conde Nast titles.
"We don't have any illusions about holding titles for years that don't make any money." Read more