The publishers of Cleo magazine say reports that the Australian publication will be closing down are “complete speculation”.

News Corp has reported that the iconic women’s magazine — which has been in print for more than 40 years — will cease publication amid declining circulation figures.

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The media organisation cited “several sources” at Cleo’s publisher Bauer Media Group, saying editor Lucy Cousins and staff would be told of the closure today.

But a Bauer Media Group spokesman said there was no intention to close Cleo magazine “in the foreseeable future”.

“The report by the Daily Tele is complete speculation, and we have no plans to announce to staff or issue a statement that we are closing Cleo today,” the spokesman told the ABC.

He said Cleo publisher Sebastian Kadas was currently overseas, set to return next week, and that “nothing like that” would ever happen while he was away.

Bauer’s CEO David Goodchild left last month.

Launched by Kerry Packer and Ita Buttrose in 1972, Cleo Magazine become a controversial and important women’s magazine as it pushed the boundaries with nude male centrefolds and sex and dating tips.

In 2011 the magazine’s early years were the focus of the ABC series Paper Giants: The Birth of Cleo, starring Asher Keddie.

Bauer Media shut down its controversial men’s magazine Zoo Weekly last year.