Is this a magazine?
Sort of. It's the "Expert Software" product catalog. It may be a 'trade' which is an industry only publication (for stores, not for the public) It came out around the time of Sonic CD, as you can see there with the Sonic graphic. This is another of those items that advertises itself with everyone else's most popular offerings. (This is ok to do in this case, because they sell the items inside) So, you can see Sonic, Ronald McDonald & a popular TV of the time, among others. It's another interesting look that many companies had a lot of confidence in Sonic at the time, featuring him & his games to gain popularity.