Last week it was announced that Editor & Publisher, a source iMediaEthics has long appreciated, would be shutting down January 1. But this morning, those sad tidings seem to be looking up a little. E&P reported Monday that the magazine will publish at least one more issue, and continue to post stories on the web until January.

The E&P staff writes that an “outpouring of support for E&P from within and outside the newspaper industry, and from readers and advertisers alike,” led to the decision to go ahead and publish its next issue, the January 2010 edition.

The Nielsen Co., E&P’s parent company planned to shut down the publication (along with its sibling Kirkus Reviews) by January, the magazine reports. However, they write, “a number of outside companies and individuals have expressed interest in possibly keeping E&P going, so stay tuned for updates.”

Since January’s issue may be the publication’s final edition after a 125-year run, iMediaEthics is looking forward to a good read. But we’ll also be watching out and hoping that the “reader and advertiser demand” E&P has reported may create some opportunity for the publication to continue.

We’ll update if more news of the magazine’s fate is announced.