Both the UK's satirical Private Eye and The Oldie are increasing print sales. And neither have much of an online presence. Is it the age of their audience (as the prejudice has it that older people aren't comfortable with the online)? But Private Eye has a wide age-range of readers in my experience, and plenty of "oldies" are actually familiar with online. Or is it their refusal to fully encompass being online? The Spectator, often - as in the article linked above - lumped with these publications, has many online features and is losing print circulation. Naturally, a brief glance and guesswork won't tell you the answers to such questions, but it's still interesting that some magazines are bucking the trend.
(Added Feb 15: Private Eye puts it down to familiarity and trust - especially at the time of a politician's expenses row in the UK.)