paidContent reports that Vibe magazine is being closed.
The magazine will be closed immediately, NYT confirms. A meeting with the staff was held at 2PM; it's not known how many employees will lose their jobs. In a memo obtained by Gawker, Vibe Media Group CEO Steve Aaron said the company struggled to find new investors to help it restructure its "huge debt," but there were no takers. The absence of Vibe will leave only one large-circ magazine covering hip hop, The Source, which hasn't been free of trouble either. That magazine has emerged from bankruptcy with a new owner last year.
Media Decoderreports that it was the print advertising collapse because of the recession that doomed Vibe. Gawker has posted a couple memos from Vibehere. CNN says 48 jobs were lost with Vibe's closure.
paidContent reports that Vibe magazine is being closed.
