Vibe Magazine Shuts Down
VIBE magazine has shut down.
The magazine was launched in 1993 by music industry legend Quincy Jones and it served as as widely revered urban magazine.
Several sources verified the closing and a message on twitter also indicated the closure. The magazine said, “Thanks for everything.”
A statement is expected to be released by the end of the business on Tuesday.
In the 90′s, VIBE experienced meteoric success as a business and an outlet for urban journalism. It has ailed under the ownership of private equity firm Wicks Group of Companies, AOL reported.
The magazine had seen a dramatic reduction in ad pages and circulation. Earlier this year, employees were put on a four-day workweek and other cuts were made such as scaling back to 10 issues per year.
There is speculation that the magazine will transform into an online-only entity.
Calls for comment were not immediately returned.