Yes, the report comes from The Onion:
“Our first love is and always has been our travel and lifestyle magazine–in fact, distributing American Way is the reason we first got into air travel back in 1930,” said former American Airlines CEO and current American Way editor-in-chief Thomas Horton. “Sadly, the publishing industry is changing, and we can no longer afford to use the seat-back pockets of a major international airline to maintain our print circulation. It’s simply not a cost effective way to run our magazine.”