EGM by Ziff-Davis.
While Edge circulation numbers rose by (a somewhat meager) 109 readers, Games Master dropped by 6,636 (to 34,313), PC Zone by 7,666 (to 11,357), and Xbox World 360 by 5,156 (to 25,874). While those numbers might seem a bit on the low side, that has more to do with the smaller size/population of the UK than anything else (though, of course, dropping readership numbers don't mean good things for any publication house).
According to the GamesIndustry.biz report, Future blames the circulation drops on "slowing sales and ad spend [advertisers spending on print advertising]." We've dropped the entire list of circulation numbers after the break (care of the UK Audit Bureau of Circulations), should you be so inclined to peruse all the stats.