NYT // Vibe Magazine To Close Down Immediately

NYT // Vibe Magazine To Close Down Immediately

[VIA – NYT – Richard Perez-Pena]

Vibe, one of the nation’s leading popular music magazines, is closing immediately, a spokeswoman said Tuesday. Word was broken early this afternoon by the Web site dailyfinance.com and spread to other music and media news sites. The spokeswoman, Tracy Nguyen, said the Vibe staff would be formally notified in a meeting at 2 p.m. She said she did not know how many people would be laid off as a result of the closure.

The closure of Vibe leaves just two large-circulation music magazines, XXL and The Source, focusing on hip-hop and R&B. The Source has had its own troubles, going through a bankruptcy and emerging under new ownership last year. A rock-focused magazine, Blender, folded last year.

In a memo to staff members announcing the closure, Steve Aaron, chief of the Vibe Media Group, wrote that for months, the company tried in vain to either find new investors or “to restructure the huge debt on our small company. Continue Reading the New York Times Story (click here)

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