1UP editorial director, Sam Kennedy, is quoted in the release, saying that the site's staff is "extremely excited to join the UGO team." UGO's release states that 1UP.com will operate as a separate entity and implies that its current staff will remain in place. The sale to Hearst also includes GameVideos.com, MyCheats.com and GameTab.com.
The shuttering of EGM -- the oldest multi-platform games magazine in the US -- leaves GamePro and Game Informer as the last bastions of what, with today's news, continues to be the dying breed of print media.
Update: There's not much in the way of new info, but Gamasutra got their mitts on an internal email from Ziff CEO Jason Young, who tells the staff that "more scale is necessary to effectively compete in this market segment." So UGO's planning to keep growing 1UP? Then why kill off the 1UP Show and layoff 30+ people? One other note: Ziff "will continue to operate the Filefront business as a part of the PCMag Digital Network." More as we hear it.
Source – Ziff-Davis press release
Source – UGO press release