It's official. Ziff Davis has sold 1UP to UGO Entertainment and has closed EGM. This was confirmed by no less than an official press release from both camps earlier today.

1UP Digital Network's sale includes the website 1UP.com, MyCheats.com, GameVideos.com and GameTab.com. Unfortunately, the 1UP podcasts' fate remains uncertain at this point. Creator Ryan O'Donnel and producer Matt Chandronait have announced that the show will no longer run, but on the other hand, 1UP site director Sam Kennedy refuses to confirm said announcement.

"We're going to try and maintain a lot of the audio and video going forward," he said in a phone interview with MTV Multiplayer.

Will we have as many shows as we have in the past? Probably not, but we have - we've had - a lot of ideas for future shows and we're pretty excited about what we'll do in the future. Right now, we're going through the process of really figuring out what kind of shows and products we want to keep going in the future. Our intention is to keep as many going as we can.

As for the Electronic Gaming Monthly magazine (EGM), it is also another unfortunate blow to the industry as its January 2009 print issue will be its last.

In a statement released by Ziff Davis Media CEO Jason Young via the press release:

We believe this is a smart transaction for Ziff Davis Media that places these market leading assets and teams in a great environment poised for further success. The transaction allows us to down debt and shift our full focus to our core PCMag Digital Network business. We thank our 1UP team members for their contributions and wish them the best of success into the future.

Apart from the said transaction, it has also been revealed that Ziff Davis has been wracked by a series of layoffs. So far, reports claim that more than 30 people have already been sacked to make way for the transition into the new company, including most of the GameVideos.com team. Andrew Pfister, 1UP podcast producer, was also part of the layoffs.

As for the acquiring party, UGO Entertainment, the Hearst Corporation unit promises to continue serving the gamer community with their new ownership of 1UP.com. J Moses, CEO of UGO Entertainment, said:

The acquisition of 1UP, with its authentic voice, tenured editorial personalities and bustling user community, allows us to expand our base of quality content and represents a major step forward in UGO's mission to become the leader in the games space.

Ken Bronfin, Hearst Interactive Media president, chimes in:

In this difficult marketplace and at a time, when many companies are scaling back their businesses, UGO Entertainment continues to grow and expand its position in the games space. We remain dedicated to supporting UGO's growth in this category.

It's not the best way to start off the year, especially for those laid off. We wish them the best of luck, and we thank them for their contributions to the gaming industry.