Hip-hop magazine Vibe is ceasing operations today, the New York Times reports. The publication has been in dire financial straits, and its chief said it had sought new investors or a plan “to restructure the huge debt on our small company” to no avail. Though Vibe reported healthy circulation of 818,000 at the end of last year, it recently downgraded its target from 800,000 to 600,000.
“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,” chief Steve Aaron wrote to employees. The formal announcement was scheduled for this afternoon, and it is unclear how many workers will lose jobs.