In most of Europe, magazine sales are holding steady, and even increasing in some areas.
The main contraction in magazine sales has been in what has been called the "Lads Mags" sector - even Playboy (Just an upmarket "Lads Mag") has suffered a circulation collapse.
Other magazines, are generally doing well in Europe. Investment is undoubtedly taking place.
What is REALLY suffering is newspaper circulation. The most popular daily newspaper in the UK now sells less than half the number that the most popular newspaper sold 30 years ago. That pattern is repeated all over Europe (with a couple of odd exceptions).
I don't believe (as some do) that newspapers are dying, but they will continue to contract until they reach a sustainable and smaller level.