reports EGM's death, pulls story [update]

Update: As you can see here, it's official.

Earlier today, media business site reported that video game media hub 1UP had been sold to Hearst (which runs competing hub UGO), and that the organization would be shuttering Electronic Gaming Monthly. You may remember that we reported that both moves were under discussion last month. PaidContent's report has since been pulled, but the full details were related by former 1UPer John Davison's What They Play. WTP then reported that sources had told them that the story would be validated or denied tomorrow.

If this is on the level (and we have no reason to think it's not), it's a sad day for fans of video game magazines and game journalism in general. If it comes to pass, here's hoping everyone affected lands on their feet.

This article was originally published on Joystiq.