EGM Goes out of Business; 1UP Sold to UGO
Reeling from poor magazine sales, EGM will be going out of business. Their last issue will be this month. Their owner, Ziff Davis Media, is one of the nation’s oldest magazine companies. Founded in 1929 the Chicago-based company eventually grew to become one of the largest publishers in the nation.
Ziff Davis also announced today that they would be selling off the 1UP Digital Network, including 1UP.com, MyCheats.com, GameVideos.com and GameTab.com to UGO Entertainment, a division of Hearst Corporation. The moves announced allow the company to focus on their PCMag business.
“We believe this is a smart transaction for Ziff Davis Media that places these market leading assets and teams in a great environment poised for further success. The transaction allows us to pay down debt and shift our full focus to our core PCMag Digital Network business. We thank our 1UP team members for their contributions and wish them the best of success into the future”, said Ziff Davis Media CEO Jason Young.