Hearst Corporation acquires 1UP, dissolves EGM, fires best employees.

The rumors were true. Gaming giant 1UP.com and Electronic Gaming Monthly are effectively kaput.

Yesterday afternoon 1UP announced that it has been bought by Hearst Corporation, owners of UGO.com. Hearst owns large chunks of various press outlets, including ESPN and a handful of major newspapers.

So far the corporate line is something along the line of “1UP is full of great personalities that will continue to provide great content under the new leadership.” Unfortunately, the acquisition involved the axing of the entire staff of EGM and the 1UP show, which accounts for 99% of the personalities anyone cares about.

A list (in progress) of the lay-offs can be found here.

The full story can be found here.