“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,” wrote Vibe Media Group CEO Steve Aaron in a memo to staff, obtained by minonline.

Vibe had a circulation of 818,000 in the second half of last year, but was planning to cut its rate base to 600,000 in July 2009. In February, the mag announced it was raising its cover price, cutting back to 10 issues a year, and instituting furloughs/wage reductions.

Guess it all wasn’t enough.

The New York Times notes that Vibe’s closure leaves just one large-circulation magazine, The Source, focusing on hip-hop and R&B.