Tons of news breaking late in the day regarding EGM and 1Up - namely that:

1.  EGM has been shut down.  (source: 1Up.com)

2.  The 1Up Yours and 1Up Show podcasts have been shuttered. (source: twitter)

3.  30 people or so lost their jobs from BOTH the 1Up staff and the EGM staff, here's what is believed to be a comprehensive list (source: joystiq.com):

Adrian Frieg
Amy Mishra
Amy Moran
Andrea Garcia
Andrew Fitch
Andrew "Skip" Pfister
Anthony Gallegos
Cesar Quintero
Christina Rosa
CoyLou Steel
Derek Chinn
Doug Parsons
Eric Ellis
Giancarlo Varanini
Greg Ford
James "Milkman" Mielke
Jason Bertrand
Jason Wilson
Jervilyn Jaramillo
Justin Frechette
Leslie Gelfand
Marci Yamaguchi
Matt Chandronait
May Tong
Meredith Stowe
Michael Donahoe
Monique Convertito
Ndubuisi Madu
Nick Suttner
Norris Boothe
Philip Kollar
Rey Serrano
Robert Bowen
Rosemary Pinkham
Ryan O'Donnell
Ryan Scott
Shane Bettenhausen
Simon Cox
Tammy Ross
Tipler Ubbelohde

4.  Rumors are swirling around about what this means for CheapAssGamer.com's "Wombat" - if he'll still be a part of the UGO Games Blog (early reports aren't rosy, stating that he's been fired from the very blog still bearing his name!).

5.  GameVideos.com essentially has no more staff - will this site close completely, or be staffed by UGO employees? (source:  twitter)

Leaks and Statements:

From GamaSutra.com, the following has been released either officially, or through (former employee) leaks:

Statement from Jason Young (Media CEO, Ziff Davis):

"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 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", said Ziff Davis Media CEO Jason Young.

The following email was sent to all employees late today:

"Team:

We are announcing today the sale of our 1UP digital business to UGO Entertainment, a dvision of Hearst Corporation.

Over the course of the last 4 years we have built the 1UP sites into a top tier gaming digital destination. While our growth has been sharp, it has become apparent that more scale is necessary to effectively compete in this market segment.

We made the decision that the best path to putting our award winning 1UP brand and content in a more competitive position was to combine it with the operations of another publisher. We received much interest from other parties.

After a comprehensive process, this morning we completed a deal with Hearst Interactive, the owner and operator of UGO Entertainment. 1UP.com, MyCheats.com, Gamevideos.com, and Gametab.com will now all be part of the UGO Entertainment business. Many of our employees will travel with this business and become part of the UGO team.

With this transaction happening, we have also made the decision to discontinue publication of EGM. The January 2009 issue will be the final issue of the publication. With demand for print continuing to decline amongst both advertisers and readers and the content being produced by 1UP no longer available for use in the publication, it simply did not make sense for us to move forward with this business any longer.

We will continue to operate the Filefront business as a part of the PCMag Digital Network. In the coming months we will determine the best ways to leverage the scale and functionality of this digital property to expand our business position.

The Ziff Davis position in the gaming market has been significant and important to our company and the market itself. While many of our assets in the PCMag Digital Network (including Filefront now) will continue to cover this market, it's important that we celebrate all that we have achieved over the last 25 years.

Our leadership in print for decades with titles like Computer Gaming World and EGM which in turn translated into the build out of one of the leading digital gaming media assets in 1UP are prime examples of the skill, passion, and expertise of our teams.and what they achieved.

It's incredible to compare the 1UP.com of today versus that of 12 months ago. I want to thank everybody in our Game Group for their important contributions over the years.

For Ziff Davis Media, our attention and focus now shifts squarely to the PC Mag Digital Network. 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% digital business with tenured brand position, and powerful capabilities to drive results for our customers. I look forward to sharing more updates in the coming weeks.

JY."

Comment from former Games for Windows (and CGW Magazine) Editor Jeff Green:

“A sad day for all the folks at 1up.com, the vast majority of whom lost their jobs today. I’ll try to post a longer blog about this--I’ve been in meetings the whole time the proverbial merde hit the fan--but this is just a quick note to say that my condolences go out to all those now looking for work. The list of people they decided to lay off is just crazy. Don’t ask me to make any sense of it, because I don’t see any.

R.I.P. 1up.com. They may keep your URL, there, but we all know better. “

From a Washington Post article on the topic:

A rep for UGO responded to the question about layoffs with a different perspective: “The reality is that UGO Entertainemnt is saving over 25 jobs,” adding that the company is “retaining a core group of editorial all-star performers