According to their Twitter feeds, 1UP Show creator Ryan O'Donnell and producer Matt Chandronait were among those let go. 1UP director Sam Kennedy, who will be making the move to UGO, would not comment on whether the show was indeed cancelled when asked by MTV.

Original story: Joint press releases issued today have confirmed the sale of the 1UP Digital Network to Hearst Corp's UGO Entertainment, as well as the impending closure of EGM.

"Ziff Davis Media's EGM Magazine will be discontinued," reads the release. "The January 09 issue will be the final printed issue."

Gamasutra has obtained an internal email from Ziff Davis CEO Jason Young to the 1UP team, in which he explains the decision to close EGM.

"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," said Young.

Young also noted that Filefront will continue to operate under Ziff's PCMag Digital Network.

1UP.com, Mycheats.com, Gametab.com, and GameVideos.com will join Hearst's UGO Entertainment in the deal.

Electronic Gaming Monthly was founded in 1989. Ziff Davis CEO Jason Young told the New York Times in November that while the magazine turned a profit in 2008, revenue was expected to plummet in 2009 following a period of rising costs and falling advertising.