Sure, the rumor has been kicking around for awhile now. Times are hard for the publishing industry, it’s hardly surprising that Ziff-Davis would look into selling off its videogame division. Sure enough, they have. Media giant Hearst (publishers of several magazines and the owners of UGO) has picked up the 1Up website network.

Not necessarily gloom and doom, right? The initial statement from 1Up seemed downright optimistic (in a blatantly PR fashion).

“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.”

Things quickly went downhill from there. Gamasutra received a copy of an internal memo confirming what we suspected would happen all along. Electronic Gaming Monthly, one of the longest running gaming publications, was getting the ax. That’s not the end of it. Nearly every single 1Up podcast has been confirmed as canceled. 1Up Yours, 1Up FM - all gone. Say what you will about the quality of the magazine these days, but those podcasts were pure gold.

The saddest news of call came courtesy of Joystiq. A total of forty staff members have been let go from the 1Up network. Forty! Basically, 1Up remains “1Up” in name only and a bunch of talented writers and artists are out of a job.

Honestly, I’m kind of at a loss for words right now. I grew up reading EGM. Hell, my parents still want me to get those stacks of magazines out of their basement. Just about every one of you American gamers probably had a subscription at some point. It was a fixture of the gaming community, and even with the lessening importance of print media, this is a huge loss. My heart really goes out to everyone who lost their job today. Come on over, I’ll buy you a round of drinks!

UGO Entertainment Acquires 1UP
Breaking: Ziff Davis Sells 1UP To UGO/Hearst, Closes EGM
Assessing the damage at 1UP [update]