Updated: Vibe Magazine Folds

Vibe, a staple of music journalism since 1993 and one of the most influential publications aimed at African-American readers, has folded.The entire Vibe Media Group is shutting down effective Tuesday, according to a memo from CEO Steve Aaron. The staff had been in the process of editing a tribute issue of the magazine commemorating Michael Jackson.The company was unable to secure financial backing, or to restructure a "huge debt," Aaron wrote. Declines in the music industry and in advertising worked against the business. "It’s also unfortunate that in a recession many companies reduce the multi-cultural campaigns," Aaron added.Vibe Media Group was owned by private equity firm Wicks Group of Companies.Vibe's last regular issue was published in May. Vibe Media Group had launched another spinoff in June The Most!, a glossy celebrity title meant to replace two issues cut from Vibe's publication schedule. Vibe, which was founded in 1993 by Quincy Jones, billed itself as “the definitive voice of urban culture, influencing global music, life, and style.” It had been a tough year for Vibe, which faced a steep drop in ad pages and circulation. Earlier this year, the magazine cut its rate base to 600,000 from 800,000, the second such cut in a year. Vibe also reduced its frequency from monthly to 10 times a year. Employees were put on a four-day workweek March 1.Vibe rivals include The Source and XXL. In 2007, the company closed Vibe Vixen, a spinoff aimed at women.Another music magazine, Blender, folded earlier this year. Blender was published by Alpha Media Group.Vibe's closure was first reported Tuesday by AOL’s Daily Finance site. The VibeMagazine Twitter feed sent out a message early Tuesday afternoon saying simply, “Thanks for everything.” Nielsen Business Media

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Updated: Vibe Magazine Folds

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