Binside TV: VIBE MAGAZINE SHUTS DOWN PUBLICATION FOLDS CLOSES DOORS

We are sad to announce that Vibe Magazine has shutdown. The hip hop industry magazine is bankrupt and closed it's doors. Here is an official statement from the editor in chief. Vibe founder Quincy Jones has plans to relaunch the publication online only.

On behalf the VIBE CONTENT staff (the best in this business), it is with great sadness, and with heads held high, that we leave the building today. We were assigning and editing a Michael Jackson tribute issue when we got the news. It's a tragic week in overall, but as the doors of VIBE Media Group close, on the eve of the magazine's sixteenth anniversary, it's a sad day for music, for hip hop in particular, and for the millions of readers and users who have loved and who continue to love the VIBE brand. We thank you, we have served you with joy, pride and excellence, and we will miss you.

Danyel Smith
Former Chief Content Officer VIBE Media Group
& Editor in Chief, VIBE

Quincy Jones founded the magazine 16 years ago.

This leaves just one large-circulation mag, The Source, focusing on hip-hop and R&B music.

Steve Aaron, Vibe Media Group's chief executive officer, made the announcement on Tuesday.

"It is with a heavy heart that I share some tough news, VMG is closing down effective today, June 30 due to lack of additional financial investments," Aaron told staffers in a memo.

"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 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. It’s also unfortunate that in a recession many companies reduce the multi-cultural campaigns.

"These facts, coupled with the continuing decline of the music industry not to mention the newsstand wholesaler consolidation in early 2009 all negatively impacted our business in a significant way. [source]