The recent news of Vibe Magazine's closure over finances shocked and saddened the hip hop community, but word on the street is that a private company has purchased the floundered publication and is now plotting its resurrection.InterMedia Partners has just confirmed their purchase of the Quincy Jones/Time Warner founded publication for an undisclosed sum.
Founded in 1993, the magazine served as one of the industry's biggest tastemakers until this June when it was announced that the publication would be closing its doors because of economic issues.
InterMedia is now going to re-launch the magazine with hopes of restoring it to its former glory.
"Vibe is the preeminent brand in R&B and Hip-Hop. We feel privileged to purchase and resurrect such a storied brand," said David Koff, a Senior Partner at InterMedia Partners. "Together with the re-launch of Soul Train this fall and the rapid expansion of Uptown Magazine, a reinvigorated Vibe enables us to serve a broad spectrum of the African American audience with high quality entertainment and information."
With new goals of fostering a "Vibe Lifestyle Network," InterMedia has teamed up with Blackrock Digital, the company responsible for Vibe's digital sales before their downfall.
"Creating a preeminent lifestyle network anchored by two meaningful brands in the urban space is a fantastic opportunity that we had to get involved with," Blackrock Digital president Chris Smith told AllHipHop.com. "Vibe.com has been a top performing web property for so many established advertisers, and we look forward to bringing that back to life along with key partner affiliate websites."
While the print edition of Vibe is headed toward a quarterly format beginning in 2010, Vibe.com set to kick off in November or December of this year.
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