Magazines may have been weathering the economic downturn better than newspapers, but the current upheaval in the financial markets makes it only more likely that survival will be more difficult. And so, in advance of an increasingly pessimistic outlook, Hearst has decided to shutter CosmoGirl magazine, the second mag the publisher has closed this year, Portfolio reported. In a statement, Hearst said that it’s folding all its teen publishing activities into Seventeen, its premiere title in that area. While CosmoGirl’s December issue will be its last, it will continue on as a web-only publication.

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It will remain part of the Hearst Teen Network of websites, which includes Seventeen.com, Teenmag.com, eSpin.com, MyPromStyle.com, and MisQuinceMag.com. The move follows a similar one taken by Time Inc., which closed Teen People as a print property this summer, while continuing its existence in an online-only version.

Come see Hearst Magazines president Cathie Black speak on the Spotlight Q&A at our EconWomen conference in NYC on Oct 29.