Vibe magazine, the music and entertainment publication always on the front edge of hip hop, R&B, pop culture and emerging fashion trends, is closing shop.

According to sources close to the publication, the decision will take immediate effect. The announcement comes just months after another urban publication, KING magazine, shut down earlier this year.

Employees were notified of the unfortunate turn of events during a meeting this afternoon. CEO Steve Aaron said, “It is with a heavy heart that I share some tough news, VMG is closing down effective today, June 30 due to lack of additional financial investments,” reports Richard Prince’s Journal-isms.

“Unfortunately, over the last several months, a confluence of events has obviously posed VMG to exceedingly serious challenges,” he went on.

Tracy Nguyen, a spokesperson for Vibe confirmed the staff was formally notified in a meeting this afternoon, but failed to disclose how many people are being laid off.

Former Editor-In-Chief and Chief Content Officer, Danyel Smith, also weighed in by issuing a statement.

“On behalf the VIBE CONTENT staff (the best in this business), it is with great sadness, and with heads held high, that we leave the building today. We were assigning and editing a Michael Jackson tribute issue when we got the news,” Smith said. “It’s a tragic week in overall, but as the doors of VIBE Media Group close, on the eve of the magazine’s sixteenth anniversary, it’s a sad day for music, for hip hop in particular, and for the millions of readers and users who have loved and who continue to love the VIBE brand. We thank you, we have served you with joy, pride and excellence, and we will miss you.”

The magazine, launched by Quincy Jones in 1993, was first run by entrepreneur Keith Clinkscales. Its franchise even expanded into TV in the 1990s when comedian Sinbad hosted a television show licensed under the brand.

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