After 23 years in the publishing industry, Summit Media is closing the print editions of magazines under its wing and is going fully digital.

Summit announced its digital transformation Wednesday, bidding farewell to its "magazine past" and closing the remaining print editions of its brands Cosmopolitan Philippines, Preview, Yes Magazine, Top Gear, FHM and Town and Country.

"As we embark on our new journey towards a wholly digital future, we look back at the values that made us successful, and one thing that stands out is our respect for our audiences," Summit Media president Lisa Gokongwei-Cheng said in a statement.

"Today, we embrace the way our highly connected audiences now prefer to consume content. As we follow them from print to digital, we will continue our relentless pursuit and delivery of quality, up-to-the minute content and a dynamic and engaging editorial experience—this time, aided by data, which now pervades and informs many of our editorial decisions," she added.

"Being highly data-informed arms us with an even better understanding of our audiences, enabling us to create more stories that appeal to their minds and passions, and empowering us to help our advertisers craft effective messages relevant to their audiences. In the past three years, Summit Media has become the leading creator of digital native advertising content in the country, generating more volume than all our competitors combined. On top of this transformation, the company’s other pillars, Outside of Home (OOH) media, book publishing, and content marketing remain robust," Gokongwei-Cheng said.

"Summit Media was born auspiciously in an era of pulp and ink. We will always owe a debt of gratitude to the medium, to the brilliant teams whose dedication and efforts created magazines that excelled in that landscape, to the generations of loyal readers who not only supported their favorite brands but even imbibed their tenets and values, and to our advertisers, without whose partnership with and belief in us we would not have succeeded. Moving forward and into the future, we are excited as we continue to reinvent ourselves to become an even more compelling destination in a digital era where opportunities abound,” she added.