Just days after the death of Michael Jackson, the King of Pop, another sad news is reverberating across the music industry today. VIBE Magazine, the preeminent printed matter on the world of Hip-Hop, announced it will be close for business effectively today. Rumors of its closing first surfaced around the newswire this morning before an official announcement was made to VIBE's employee around 2 o'clock this afternoon, which cited the closure was due to the lack advertising revenue in the tough economic time. In the letter to employee, CEO Steve Aaron thanked the employees for their hard work and commitment. The magazine was originally established by legendary producer Quincy Jones and Time Warner in 1992. Thanks to Miss Info for the heads-up, who was at one time a contributor for the magazine.