TORONTO — Saturday Night magazine, which has experienced frequent financial ups and downs during its 118-year history, will suspend publication after the upcoming winter issue.

"Despite a superb editorial product under the leadership of (editor-in-chief) Gary Stephen Ross, advertisers' support -- although favourable -- has not reached projected levels," St. Joseph Media president Donna Clark said Thursday in a statement.

"At this time we do not see a path to profitability for Saturday Night. Given our numerous growth opportunities and business priorities, we are placing Saturday Night on hiatus."

The Nov. 26 issue, to be distributed inside the National Post newspaper, will be the final edition before publication is suspended.

Still, Saturday Night may not be gone forever.

The magazine has temporarily ceased publishing in the past, and a St. Joseph spokeswoman suggested it could be revived down the road, adding that no such plans are currently in the works.

"You look at the history of the publication, and there's always been someone willing to take up the challenge of seeing if they can make it work," said Sharon McAuley. "Who knows?"

Indeed, the magazine has had a tumultuous ride since its 1887 inception as Toronto Saturday Night, a weekly arts and public affairs update for the city's upper crust.

The name came about because the magazine went on sale at 6 p.m. on Saturday for reading on Sunday, when, by law, no newspaper could publish.

Over the years, it expanded to include criticism, opinion and more general Canadian content, showcasing acclaimed writers including Margaret Atwood, Christina McCall, Dennis Lee and Michael Bliss.

Saturday Night flourished under editors B.K. Sandwell in the 1930s but declined after he left in the '50s. It regained prominence under Robert Fulford, who took the helm in 1968.

In the mid-1970s, the magazine came close to bankruptcy several times and stopped publishing for a couple of issues.

It was given a new look in 1987 for its 100th anniversary, but Fulford left when Hollinger bought it in June of that year.

In January 2000, Southam Inc. announced that the magazine would be distributed in the Saturday edition of the National Post.

Almost two years later, St. Joseph Media bought the title from CanWest Global Communications (which had purchased the Southam newspapers from the Hollinger Group).

St. Joseph Media said Thursday it would attempt to reassign magazine staffers to its other publications, which include Toronto Life, Gardening Life, Canadian Family, Quill & Quire, and Ottawa magazine.