I think most fashion magazines are going through tough times. Most March issues were a lot thinner compared to last year's ones, including Vogue, Elle etc. Magazines no longer release the figures of the ad pages for their big fashion issues (remember those nice little WWD articles?), which makes sense since most of them must have steadily declining ad sales. If these big titles are having financial problems, then the much smaller titles, like W, must surely be affected as well.
Tonchi also said that McCarthy's W was out of touch with reality and not of service to brands and designers. So he took a niche publication, and over 5 years, turned it into a mainstream magazines that desperately tries to fit in the zeitgeist without having any distinctive point of view. I can literally flip through an issue in three minutes and nothing is tempting enough to read or contemplate for more than 5 seconds. Real shame. At least I have my old W issues to pore over when I'm feeling nostalgic.