Word is traveling fast regarding yesterday’s confirmation of the Ziff-Davis-owned gaming media outfit 1UP Network’s sale to the Hearst-owned UGO network. In the wake of the sale, many former 1UP Network employees have been let go as “significant staff reductions” unfold. The entities included in the purchase are 1UP.com, GameVideos.com, MyCheats.com, and GameTab.com. The long-rumored closure of gaming industry magazine EGM after almost 20 years of publication was also confirmed.

So, all in all, pretty sucky day for fans of the 1UP network, EGM, and many of the fine employees that are now forced to move on. 1UP’s editorial director Sam Kennedy has expressed optimism via the initial press release about the announcement,  but a post on NeoGAF also lets the truth be told about the state of various 1UP creative entities. “I have a commitment from the UGO guys that they – now, actually, we – are going to do whatever we can to help these guys out and look for ways to continue these shows with them and/or to look into possibilities for new shows in the future. I’m not saying everything will be back to ‘normal’ as you knew it anytime soon, but I am saying there should be some good things to look forward to in the future.”

We at the Axe’ would like to wish the best of luck to the journalists involved.