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Oprah Winfrey's O magazine will cease monthly printing after 20 years. The news comes amid reports that Hearst Magazines' president quit amid sexual abuse allegations.

According to Business of Fashion, the staff of Oprah's magazine were informed of the decision on Friday, July 24.

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Hearst magazines

The magazine was a joint venture between Oprah, 66, Harpo, Inc. and Hearst Magazines, and is known for its Oprah-centered content, the book of the month club and the annual Oprah's Favorite Things gift guide.

The magazine's readership -- mostly white women -- speculate that the magazine folded due to allegations of sexual misconduct against Troy Young, who resigned as president of Hearst magazines.

The announcement of Young's resignation came a day after the New York Times reported the 52-year-old's "bullying or harassing" behavior which include making indecent remarks to female employees.

In one case, he reportedly sent unsolicited p0rnography to an editor. Young, who was named editor in 2018, sent a note to staffers saying he was "sorry" for the comments he made and he never realized how offensive they were.

"I am sorry and I'm committed to the work I need to do here," he said in his note, which was published by the New York Times.

Hearst president and CEO Steven R. Swartz said the magazine isn't going away completely. It will become "digital-centric" with more emphasis on the O magazine website run by a smaller staff.

"This is a natural next step for the brand, which has grown to an online audience of 8 million, extending its voice and vision with video and social content," a spokesperson told The Hollywood Reporter. "We will continue to invest in this platform as the brand grows and evolves into one that is more digitally centric."