1up.com sells to UGO, EGM closes - SHANE IS BACK ON REBEL.FM!!!!!!!!!

[saprano]

wow this is real sad, i've been reading EGM sinse the 90's. im currently still a member, i feel for people at 1up.com to.

Following repeated rumors to the effect, Gamasutra has learned that Ziff Davis has sold its 1UP division to Hearst's UGO Entertainment, and is shutting long-running print magazine EGM in the process.

According to a statement received by Gamasutra, Ziff Davis Media has now officially announced the sale of the 1UP Digital Network to Hearst's UGO Entertainment division.

The sale includes 1UP.com, Mycheats.com, Gametab.com, and GameVideos.com, and specific financial terms of the deal were not disclosed.

In association with this, Ziff Davis Media's EGM Magazine, a consumer game print mainstay since 1989, will be discontinued. The January 2009 issue will be the final printed issue.

"We believe this is a smart transaction for Ziff Davis Media that places these market leading assets and teams in a great environment poised for further success. The transaction allows us to pay down debt and shift our full focus to our core PCMag Digital Network business. We thank our 1UP team members for their contributions and wish them the best of success into the future", said Ziff Davis Media CEO Jason Young.

"Since we started UGO 11 years ago, we have served the gamer community and built a world-class online publishing platform," said J Moses, CEO of UGO Entertainment. "The acquisition of 1UP, with its authentic voice, tenured editorial personalities and bustling user community, allows us to expand our base of quality content and represents a major step forward in UGO's mission to become the leader in the games space."

[UPDATE: According to information obtained by Gamasutra, around 30 employees of Ziff Davis' Game Group were laid off immediately following today's announcement, including the staff of EGM Magazine, but also some elements of the 1UP Network's web staff, including podcast and video producers.

In addition, Gamasutra has obtained a copy of the internal email sent to Ziff Davis employees by CEO Jason Young following the announcement, as follows:

you can read the rest here.

http://www.gamasutra.com/php-bin/new...hp?story=21759