R.I.P. Paste Magazine

R.I.P. <i>Paste Magazine</i>
Since 2002, Georgia-based monthly Paste Magazine has brought indie rock, alt-country and adult alternative music to magazine racks across North America. Following a long financial struggle, however, the publication has reportedly shut its doors for good.

According to Gawker, an anonymous source told the blog, "They announced it internally yesterday in an afternoon meeting, giving employees approx... 2 hours notice."

Gawker confirms this news with a series of tweets from Paste editors, understandably stressed as they plead for work.

Paste showed major signs of trouble in 2009, when dropping ad revenues put strain on the publication. Facing bankruptcy, the magazine was saved by financial donations, and until recently, it was plodding along.

Paste has not made a public statement as of yet. However, a press release is expected from the magazine later this afternoon.

UPDATE: Paste has now released the following statement:

Today Paste Media Group announces, with deepest sadness, the suspension of the Paste magazine print product.

Struggles with mounting debt were made public last year when our readers responded with generosity to save the magazine. But the prolonged downturn of the ad market has forced a hiatus. All subscribers have access to the digital version of their magazines through the June/July issue on PasteMagazine.com.
Paste, while considering strategic alternatives, is focusing on its digital assets, including PasteMagazine.com.

We thank all of those who have shown such tremendous support to a vision of independent media focused on Signs of Life in Music, Film & Culture, including subscribers, advertisers, writers, photographers, illustrators, publicists, record labels, movie studios, book & game publishers and others in the press.