Gawker is reporting (and FBNY has also heard separately from sources within) that Maer Roshan's multiply-launched magazine Radar is folding. The magazine, which pubbed at varying degrees of frequency, and was rumored to have been funded (at least in its later incarnations) by Ron Burkle, never really gave the impression that it was on solid ground. So in the current economic environment the news comes as no real suprise.

However! The Website (a completely different animal run by former Gawker Alex Balk) was, in our modest opinion, a must-read. And we not only will be sorry to see its demise but are amazed that the powers that be are shutting it down. The NYO is reporting "there might a business arrangement to keep the web site afloat and that it will be sold to AMI." One can hope. Stay tuned.

Update: Hooray! (We think). Looks like the NYO had it right and AMI is indeed purchasing radaronline. Full press release after the jump. But wait! On second glance this part of the press release is quite worrisome for those of us who enjoy our Daily Intelligence just the way it is:

Chairman and CEO David Pecker said that David Perel, Executive Vice President of AMI News, will leave that position to become managing editor of RadarOnline. At AMI, Mr. Perel was responsible for breaking many of the biggest celebrity stories of the past two decades.

(October 24, 2008, New York, New York) — American Media Inc. (AMI) today announced they are partnering with Integrity Multimedia Company in creating a new company, Radar Online LLC. Integrity Multimedia will make a multi-million dollar investment in RadarOnline.com to launch it as the ultimate destination for breaking celebrity news and cutting edge pop culture.

RadarOnline.com will be supported by the AMI news organization and its network of hundreds of newsgatherers and thousands of sources. In addition, the Radar Online site will also have its own staff of editors, reporters, photographers and videographers .

In the first of many announcements to be forthcoming, American Media Inc. Chairman and CEO David Pecker said that David Perel, Executive Vice President of AMI News, will leave that position to become managing editor of RadarOnline. At AMI, Mr. Perel was responsible for breaking many of the biggest celebrity stories of the past two decades.

Mr. Pecker commented, "The AMI newsgathering team that David Perel has at his disposal for the new site is unmatched in the celebrity market, as is the access we have to past, present and future pop culture milestones. Our message is simple - if it's on your radar, it's on Radar Online, and if it's not on your radar, we'll put it there."

Integrity Multimedia Company Chairman Yusef Jackson added "By teaming with AMI, we will build on what we have already established with Radar while at the same time accelerating the potential for our return on investment. It is a win/win for both partners."

Plans call for RadarOnline.com to launch a redesigned site in the early part of 2009.