has finally confirmed what many have speculated for months--that the company has been sold by Ziff-Davis to Hearst Corporation, one of the biggest media conglomerates in the US. Hearst Corporation already owns a gaming portal, , and it seems as though the two sites will remain as separate entities for the time being.

While it hasn't been confirmed by Ziff-Davis or Hearst, has obtained an internal email sent to Ziff-Davis staff stating that the magazine will cease publishing as of is January 2009 issue. EGM was the longest-running multi-platform magazine still publishing, starting in March of 1989 while GamePro started in May (Nintendo Power began publication in the Summer of 1988). The loss of EGM leaves the US with only three monthly multi-platform videogame magazines -- GamePro, , and . Reprinted below is a section of the email reportedly sent by Ziff-Davis CEO Jason Young.

"After a comprehensive process, this morning we completed a deal with Hearst Interactive, the owner and operator of UGO Entertainment. 1UP.com, MyCheats.com, Gamevideos.com, and Gametab.com will now all be part of the UGO Entertainment business. Many of our employees will travel with this business and become part of the UGO team.

With this transaction happening, we have also made the decision to discontinue publication of EGM. The January 2009 issue will be the final issue of the publication. With demand for print continuing to decline amongst both advertisers and readers and the content being produced by 1UP no longer available for use in the publication, it simply did not make sense for us to move forward with this business any longer."

The staff of GamePro extends its best wishes to the EGM staffers affected by the magazine's closure and 1UP's sale. Salud.