Vibe Is the Latest Casualty Of Uncertain Magazine Market

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Associated Press
Wednesday, July 1, 2009

NEW YORK, June 30 -- Vibe, the popular hip-hop and urban culture magazine founded by legendary producer Quincy Jones, is shutting down.

Vibe Media Group's chief financial officer, Angela Zucconi, confirmed the closing and said most of the company's 50 or so employees will be laid off.

The closing comes amid a historic decline in ad revenue across all media that has left magazines in many categories struggling. Among recent casualties was Portfolio, Condé Nast's business monthly.

Founded in 1993, Vibe had a paid circulation of roughly 800,000 during the last six months of 2008. New York equity firm the Wicks Group acquired the magazine in 2006, but Jones says he wants to buy back the publication and take it online.

"You better believe it," Jones told EbonyJet.com. I'll "take it online because print and all that stuff is over."