Over at games.net there's a list of the the "top" ten flops in game mag publishing.
I can't say I've heard of any of the mags they mention (Ziff Davis wanted to charge $US 695 for games industry newsletter? In 2004? I'll have what its smoking, thanks) but that doesn't stop it from being an interesting read. Heck, some only lasted a single issue!
Australia's had its fair share of game mag flops - the Oz version of Edge and Nintendo Gamer, just to name two. It's crazy to think publishers are still trying to launch magazines when it's quite obvious the Internet is the future of media.
Good on them for trying though - but I just can't see how you could make money in such an endeavour.