—Last mag standing: The magazine will be closed immediately, NYT confirms. A meeting with the staff was held at 2PM; it’s not known how many employees will lose their jobs. In a memo obtained by Gawker, Vibe Media Group CEO Steve Aaron said the company struggled to find new investors to help it restructure its “huge debt,” but there were no takers.  The absence of Vibe will leave only one large-circ magazine covering hip hop, The Source, which hasn’t been free of trouble either. That magazine has emerged from bankruptcy with a new owner last year.

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—Tribute: In a separate memo, Danyel Smith, Vibe Media’s chief content officer and the mag’s EIC, pointed out that she was in the middle of assigning and editing a Michael Jackson tribute issue when the news came down. In addition to the collapse of print advertising, Aaron blamed the magazine’s demise on the withering away of “key ad categories like automotive and fashion, which represented the bulk of our top 10 advertisers.” He added that often in a recession, among the first items to get sacrificed are multi-cultural campaigns. But on top of that, Vibe was a victim of the failing music industry and recording business it covered during its 16-year life span.