Vibe magazine, the urban-music magazine founded in 1993 by Quincy Jones, is the latest victim of the media recession. Multiple sources both within and outside the magazine confirmed that it is shutting down.

Reached for comment, chief financial officer Angela Zucconi said, "We will be making a statement by the end of the day. That's all I can say at this point." She referred further questions to CEO Steve Aaron, who was not immediately available. Messages left for editor in chief Danyel Smith and publishers Edgar Hernandez were not immediately returned. [Update: Media Decoder has official confirmation.]

Vibe enjoyed significant success in the late '90s and early part of this decade as hip hop and R&B became the nation's predominant forms of pop music. But in recent years the title has fallen on hard times under its new owner, the Wicks Group, which bought it in 2006. In February, it reduced its circulation and publishing frequency, cut salaries and moved employees to a four-day workweek to save money.