Vibe Magazine, the 21 year-old urban music and pop culture publication, has been bought by its former partner, SpinMedia, the company announced late Thursday. After a decade of continually different ownership, the sale reunites the two entities who were previously know as Vibe/Spin Ventures. The price was not disclosed at the time of the announcement.
If recent history is any indication, this sale will most likely result in the termination of Vibe's print publication. When SpinMedia, then known as Buzz Media, purchased the rights to Spin last year they immediately laid off a third of its staff and turned it into a digital only magazine. Steve Hansen, SpinMedia's CEO, stated that this is a probable outcome for Vibe as well but added, "We are still trying to find a print model that makes economic sense in the digital age.” As Spin has yet to return to hard copy, its likely that Vibe will stay digital only for the foreseeable future.
Vibe was founded by Quincy Jones and Time Warner back in 1992 and has since then become one of the most influential publications for all things relating to the R&B/hip-hop scene. Vibe had an average print circulation of 301,000 for the first six months of 2012, according to the Alliance for Audited Media, and SpinMedia said that each month Vibe’s sites have 1.4 million visitors and serve 1.6 million video streams.
Via New York Times