1UP sold to Hearst, EGM magazine closes?

What They Play writes: "Media business website paidcontent.org posted a story this morning with the headline "Ziff Davis sells 1UP digital network to Hearst, shutters EGM" but has since removed the piece from its website. The original content of the text is still visible using an RSS reader, and it stated:

Looking to conserve its resources for its PC Mag Digital business, Ziff Davis Media has sold off the 1UP Digital Network, its collection of video game sites, to Hearst Corp., which will fold it into the UGO Entertainment division, the companies said. In conjunction with the sale, the related print mag Electronic Gaming Monthly will publish its last issue this month. Terms of the deal were not disclosed."