In a good news/bad news situation it has just been announced (via 1Up) that UGO Entertainment has acquired 1Up and its network of websites including GameVideos, MyCheats, and GameTab.
The good news is that 1Up gains a whole new backing of support in the deal with UGO.
"We are extremely excited to join the UGO team," said Sam Kennedy, editorial director and creator of 1UP. "Relying on UGO's publishing platform will allow us to focus on what we do best -- creating great content and 'owning the conversation' among gamers through our unique, authentic and definitive voice and community." (Via 1Up)
The bad news is that EGM will be shut down in the transition. EGM has been around since 1989 and will be discontinued after the January 2009 issue. Gamasutra has uncovered an e-mail sent to Ziff Davis employees that illustrates the EGM shut down:
"With this transaction happening, we have also made the decision to discontinue publication of EGM. The January 2009 issue will be the final issue of the publication. With demand for print continuing to decline amongst both advertisers and readers and the content being produced by 1UP no longer available for use in the publication, it simply did not make sense for us to move forward with this business any longer." (Via Gamasutra)
It is sad to see such a great publication go, one can only hope that some day in the future EGM can return.