Radar magazine shut down unceremoniously today—again—but the web site will live on, according to the New York Observer. The site has been acquired by AMI and will be redesigned and rebuilt as a competitor to TMZ.com, with the National Enquirer‘s David Pecker as managing editor. The URL will change from “radaronline.com.” Founder Maer Roshan says he has been asked to be involved but doesn’t think he will; some of the staff may be retained to work on the site. The magazine first launched in 2003.

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Roshan told the Observer: “What is so frustrating is that we seemed to have reached a turning point. You’re dealing with independent investors and they saw the market and they were fearful about the future.” First, he was told Radar would need more investors, then he was he’d have to find them himself. Then, as NYO reports, this morning, they told him it was over. Roshan: “Up until today I thought we could still talk about options for the magazine—in fact, there were no options.” Yusef Jackson, the son of Rev. Jesse Jackson,  was among the backers of this incarnation, the magazine’s third. In 2006, he told the NYT there was enough backing to fund the magazine for five years.

—Harvard-oriented lifestyle shuttered: Another mag also bit the dust today. The plug has been pulled on 02138, the lifestyle mag for Harvard alums, Gawker reported. The mag, which became widely known for its coverage of the Facebook/ConnectU lawsuit, was sold to NY-based luxury publisher Manhattan Media back in May by Atlantic Media.