Wednesday, July 1, 2009

Vibe Magazine To Close Down Immediately


No more Vibe - the popular magazine that focused on R&B and hip hop, will be closing immediately, a spokeswoman for the magazine said today.

The New York Times is saying that now there will be only one magazine covering the music genre, The Source.

Tracy Nguyen said that the staff was going to be formally notified this afternoon, she was unclear how many jobs would be lost as a result of this happening.

Vibe Media Group chief executive Steve Aaron wrote in a memo to staff that the company has been unsuccessful in trying to lure new investors or “to restructure the huge debt on our small company. The print advertising collapse hit Vibe hard, especially as key ad categories like automotive and fashion, which represented the bulk of our top 10 advertisers, have stopped advertising or gone out of business.”

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