Ziff Davis has sold off almost all of its gaming properties to UGO Entertainment, a unit of the Hearst Corporation. UGO has been on the gaming news scene for a whole, although not many people used them as a primary source of information. Now, they own all of the 1UP network, including GameVideos.com, MyCheats.com, and GameTab.com.

“We are extremely excited to join the UGO team,” said Sam Kennedy, editorial director and creator of 1UP. “Relying on UGO’s publishing platform will allow us to focus on what we do best—creating great content and ‘owning the conversation’ among gamers through our unique, authentic and definitive voice and community.”

I’ve spoken with a few people over at 1UP who asked to remain nameless, but they aren’t too happy. Some are looking for jobs. Others, specifically those who worked on EGM, are completely out work since the magazine has been shut down. Sad to see it go, but I think it has been an inevitable waiting to happen. Print media is on the way out with everything going online.

The 1UP Yours Podcast and the 1UP Show have been staples of my weekly listening and viewing, so it’s very sad to hear from 1UP Show creator Ryan O’Donnell and producer Matt Chandronait that the video podcast has been canceled. The 1UP Yours Podcast is up in the air, as the show’s producer Andrew Pfister has been laid off. They also have great trustworthy review and editorial teams. Here’s hoping that everything goes well over there.

[Update] Been hearing more and more people that have been laid off. Horrible day for gaming journalism. So sorry to hear what has happened to our friends over there. I’m sure everyone will land on their feet, but damn, this sucks.

[Update 2] I’m hearing that 1UP Yours Podcast is no more. Joystiq also posted a full list of those affected by the layoffs. Not a good day.

Here’s the extremely sugar-coated press release:

UGO ENTERTAINMENT TO ACQUIRE 1UP.COM

Online Publisher Adds Best in Class Games Site to Stable of Properties

NEW YORK, January 6, 2008 — UGO Entertainment, a unit of Hearst Corporation, announced today that it will acquire 1UP.com, a premium brand and trusted site among hardcore gamers, and its associated properties including GameVideos.com, MyCheats.com and GameTab.com. The deal is structured as an asset purchase between UGO Entertainment and the Ziff Davis Games Group.

“Since we started UGO 11 years ago, we have served the gamer community and built a world-class online publishing platform,” said J Moses, CEO of UGO Entertainment. “The acquisition of 1UP, with its authentic voice, tenured editorial personalities and bustling user community, allows us to expand our base of quality content and represents a major step forward in UGO’s mission to become the leader in the games space.”

“We are extremely excited to join the UGO team,” said Sam Kennedy, editorial director and creator of 1UP. “Relying on UGO’s publishing platform will allow us to focus on what we do best—creating great content and ‘owning the conversation’ among gamers through our unique, authentic and definitive voice and community.”

1UP.com will stand beside UGO.com as a flagship brand within UGO Entertainment’s robust portfolio of sites targeting 18-34 year old gamers. The combined entity will reach an audience of more than 40 million monthly unique visitors.

An all-star cast of 1UP editors will carry on the site’s tradition of engaging hardcore gamers with insightful commentary, comprehensive information and breaking news from the games industry.

“In this difficult marketplace and at a time, when many companies are scaling back their businesses, UGO Entertainment continues to grow and expand its position in the games space,” said Ken Bronfin, president of Hearst Interactive Media. “We remain dedicated to supporting UGO’s growth in this key category.”