Jeff Bercovici at AOL’s DailyFinance is reporting that music magazine Vibe is ceasing publication.

Just last month, the magazine’s parent company, Vibe Media Group, announced the launch of spin-off The Most!, a “celebrity fashion, lifestyle, red-carpet moments, travel, and news” publication that was due to hit newsstands earlier this month. There’s no word on whether Vibe‘s shut down will affect that publication as well.

Publicists at the magazine were unavailable for comment, but we’ll keep you updated as the story progresses. If you have any information, leave it in the comments below or email us.

Vibe‘s closure leaves The Source as the one remaining one of the few remaining magazines covering hip hop and R&B, after Blender folded earlier this year. (A commenter kindly pointed out that Giant and XXL still cover the industry, and there might be others that we don’t know about.)

Update: The New York Times has word from Vibe‘s publicist that the magazine will close down operations today, although there is no word on how many people will be losing their jobs. And here is part of an internal memo sent by Vibe Media Group CEO Steve Aaron to staffers today: “It is with a heavy heart that I share some tough news, VMG is closing down effective today, June 30 due to lack of additional financial investments.” So, it looks like Vibe won’t be the only publication to go. If the whole media group is closing up shop, it looks like The Most! is dead, too.

Lastly, Ron Mwangaguhunga spoke to Vibe editor at large Rob Kenner for his blog The Corsair. Kenner revealed that the magazine had been working on a Michael Jackson tribute prior to its demise. How much more depressing can it get? The magazine’s own death prevented it from celebrating the death of the legend who was so influential to the music that Vibe covered.