A new report by FitchRatings is skeptical on whether consumer magazines can make the transition to digital with their profitability intact. The report, titled “U.S. Consumer Magazines: Weakness to Continue — But Better Positioned Than Newspapers,” provides a comprehensive view on the challenges facing consumer magazines as more and more of their readers and advertisers shift to the Web. The report cites a few print magazines that are more proactive online (Martha Stewart Living, National Geographic) but wonders whether the industry as a whole can make the crossover to the Web and still make money.