NEW YORK, June 30 (UPI) -- U.S. popular music magazine Vibe, which focused on hip-hip and R&B, is closing immediately, a spokeswoman said Tuesday.
Vibe's demise leaves only one print magazine covering the musical genres, The Source, The New York Times reported.
Magazine spokeswoman Tracy Nguyen told the Times the staff was to be formally notified Tuesday afternoon, adding it was unknown how many people would lose their jobs as a result.
Vibe Media Group chief executive Steve Aaron wrote in a memo to staff that the company has been unsuccessful in trying to lure new investors or "to restructure the huge debt on our small company. 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."
Vibe was created in 1992 by musician Quincy Jones and Time Warner, the Times said. The magazine was purchased in 2006 by a private equity firm. It reported circulation of 818,000 in the second half of last year, but noted falling ad revenues, the newspaper reported.