Uptown Buys Vibe

AdAge just confirmed hours after an initial report that Uptown was in deep negotiations to purchase resent defunct magazine Vibe that Uptown indeed completed the deal with its private equity backer InterMedia Partner. Uptown Magazine purchased Vibe from CapitalSource. Vibe was shutdown this past June.

Updated: The WSJ is reporting that Uptown will bring back Vibe “as a Web-focused publication with a greater emphasis on Vibe’s roots.”  Uptown plans to broaden the magazines content to include other genres of music and lifestyle content rather then just focusing on Hip-hop as had be done in recent years.  Vibe.com will relaunch in a few of weeks as well.  WSJ is also reporting that Blackrock Digital, partnered with Uptown and InterMedia in the acquisition.  While Vibe will have a heavy online focus it won’t go out of print completely, it will be published at years end and then on a quarterly basis after that with hopes to increase publication after 2010.  Circulation of the print counterpart will be capped at 300k  per print issue where it had previously been at a circulation of 600k.

Plans for “the new” Vibe won’t stay online and in print it will also include television and product licensing.  Uptown plans to hire between 16 and 20 new employees who will focus on print and digital.