The guys and gals at paidcontent.org ran a story this morning that the print magazine, EGM, and other properties of 1up have been sold to Hearst Media.  With this acquisition, the rumor is that Electronic Games Monthly will cease circulation with this merger.  Shortly after the story went live, paidcontent.org, pulled the story from the site, but it was still available from its feed site.

In a follow up, What They Play writer, John Davidson, who is also a regular guest on the 1up Yours podcast, decided to ask a few questions and found out that a formal statement will be made tomorrow that addresses the validity of the story as well as the future of 1up.com and its properties.

A Hearst acquisition would boost the fortunes of UGO and its gaming portal, adding a solid stable of writers and a popular set of podcasts.  It would also feed into the cancelling of most of the print magazines that were published by Ziff-Davis.  The wording of the statement from 1up.com just seems nebulous, and feels like it is an authentic merger.

UGO has been a strong player in the online gaming scene for several years, and currently hosts the popular Gamesblog, featuring Randy and Wombat.  Adding talents like Ryan Scott, Garnett Lee and company would only make UGO a larger force in the gaming news and reviews community.  Look for a follow up on this story tomorrow.