According to RapRadar, this issue will not be available on newsstands.
Official statement from VIBE CEO Steve Aaron after the jump.
Dear VIBE Team:
It is with a heavy heart that I share some tough news, VMG is closing down effective today, June 30th.
It’s been an 16 incredible years since VIBE’s
inception. There are very few magazines with the richness of history
and breadth of talented visionaries who created the powerful lens in
which VIBE viewed and shaped urban music and culture.
Ever
since I first set foot in this courageous company, I’ve regarded myself
as incredibly fortunate to be be involved with this remarkable brand
and group of individuals whose performance has never been nothing short
of outstanding. We finished 2008 in an improved position versus the
prior year, and accomplished so much, including:
* Editorial Awards
* Editorial transformation into content dept
* New Ad accounts being broken
* The Most Mag Launch
* Award winning re-design
* Profitable digital operation
* VIBE.com growth and improvements and programs such as Best Rapper Ever, #1 Stan, etc
* Mobile VIBE launch
* Micro-site development Mostmag.com to start off.
* V Sessions
* Improved PR coverage
Unfortunately, over the last several months, a confluence of events has obviously posed VMG to exceedingly serious challenges.
* The collapse of the capital markets has impacted us greatly. Over
the past several months, we have actively pursued investment resources
while working intensively with our bank to find a solution. But the
deal market right now remains very poor and at the end of the day, the
lack of investment resources to restructure the huge debt on our small
company has made this outcome become a reality.
* The relentless economic situation has depressed our growth initiatives on the digital front. To be clear, VMG has made significant improvement in this part of our business, but not at the accelerated pace required to offset the devastating effects of the most severe recession in our lifetime and the accompanying print losses.
I want to thank you all for your hard work and commitment, and for all of the adventures along the way. I’ll miss this place a lot, but I’ll miss you all and the magic you create.
Vibe will be remembered as a shockingly brilliant content company that everyone can be proud of and I look forward with great excitement to all of future endeavors you all pursue.
With great affection and respect –
Steve Aaron
former CEO of VIBE Media Group
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