Ziff Davis has sold the 1UP network of websites and is closing the long-running US magazine EGM.
Following rumours, the company has decided to sell 1UP.com, MyCheats.com, GameVideos.com and GameTab.com to UGO Entertainment, a division of Hearst Corporation.
"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," offered Jason Young, CEO of Ziff Davis Media.
"The transaction allows us to pay 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."
The January issue of EGM will be the final to hit shelves, after 20 years of publication.
"Since we started UGO 11 years ago, we have served the gamer community and built a world-class online publishing platform," said J Moses, CEO of UGO Entertainment.
"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."
According to an internal email reprinted by Gamasutra, around 30 staff at Ziff Davis have been laid off, including the staff at EGM and some of the 1UP Network team including podcast and video producers.
"For Ziff Davis Media, our attention and focus now shifts squarely to the PC Mag Digital Network," wrote Young.
"The proceeds from this transaction will be used to pay down debt. One of the primary objectives of our business plan is ensuring that we have plenty of room to service our debt obligations into the future, and manage for growth in what will be a challenging year in the advertising market.
"While the market will be tough, we are confident our position is well aligned to where the demand is most active. We move forward as a 100 per cent digital business with tenured brand position, and powerful capabilities to drive results for our customers," he added.