One of the nation’s most popular music magazines is shutting down immediately. A representative for Vibe magazine, a print source for all things hip-hop and R&B, officially announced today June 30th, 2009 that the magazine will be ending their run today due to financial reasons.
Vibe magazine is closing its doors after months of struggle to find new investors and advertising sponsors for their print magazine. Tracy Nguyen, Vibe spokesperson, 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.
In a memo to the staff announcing the closure, Steve Aaron, CEO of Vibe Media Group, said that “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.”
Click here to read the official memo sent to VIBE employees on behalf of Steve Aaron, CEO of Vibe.
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