THIS STORY HAS BEEN UPDATED: Holmes magazine is being dropped by its current publisher following the December issue, but a new publisher is being sought to continue the brand.

The Holmes Group announced the closure through its website Friday.

"Dauphin Media Group has decided to cease publication of Holmes magazine as of the December issue," reads the notice. "As a result of the turn of events, The Holmes Group will be restructuring the management and operations of the magazine over the coming weeks."

Liza Drozdov, spokesperson for The Holmes Group, added, "We have requested Dauphin Media Group to continue publication of Holmes Magazine until May 30, 2012, in order for us to make a smooth transition to a new publisher. But, in light of a dispute between The Holmes Group and Dauphin Media Group, they have declined."

Dauphin Media Group released a statement Friday after 6 p.m. confirming the December issue of Holmes will be the last it publishes. Sam Yoon, senior vice president of business and legal affairs, noted, "It was always the Holmes Group's intention to transition the magazine to their control."

DMG added it "fully intends on fulfilling its subscriber obligations" and will be posting information on its website.

"We had a wonderful two-year partnership with the Holmes team," said Yoon. "Our entire staff wishes success to Mike [Holmes] and crew."

In the meantime, the Holmes Group website is being set up to "keep subscribers and fans up-to-date with the status of Holmes magazine," reads the notice, which adds, "The Holmes Group is committed to making it right for its valued subscribers, advertisers, corporate partners and fans during this transition. It is still unclear exactly how subscriptions will be affected, but The Holmes Group will make every effort to honour the magazine's subscriptions and manage the change to a new publisher as seamlessly as possible for everyone affected by this change."

UPDATE: Holmes magazine is distributed by Pickering-based TransMedia Group in Canada and Time Warner Retail in the U.S. It was launched near the end of 2009 in Canada with six issues per year. It grew to have 10 issues annually and a separate U.S. edition as of November 2010, according to Holmes Group.

“Having a magazine is important to me because it's another way to reach and help homeowners," said Mike Holmes. “I love the idea of giving people a monthly manual that teaches homeowners how they can improve the efficiency of their homes and how they can make the most of new products and resources. Education has always been a big part of what I do. It's not about teaching how - let the professionals do their job - it's about teaching why. And that's what the magazine is all about. That's what the magazine will continue to be about."

Meanwhile, Dauphin has plans to launch "a new celebrity driven shelter magazine" in the new year. Details are not yet available.

Stay tuned for more on this developing story.