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As of today, June 30, 2009, VIBE Magazine has announced that it's folding due to the current economic crisis, see the final VIBE cover here.
In a memo to the VIBE Magazine team:

It is with a heavy heart that I share some tough news, VMG is closing down effective today, June 30th. It’s been an 16 incredible years since VIBE’s inception. There are very few magazines with the richness of history and breadth of talented visionaries who created the powerful lens in which VIBE viewed and shaped urban music and culture. Read the rest here.

 And a final word from VIBE's Danyel Smith:
On behalf the VIBE CONTENT staff (the best in this business), it is with great sadness, and with heads held high, that we leave the building today. We were assigning and editing a Michael Jackson tribute issue when we got the news. It’s a tragic week in overall, but as the doors of VIBE Media Group close, on the eve of the magazine’s sixteenth anniversary, it’s a sad day for music, for hip hop in particular, and for the millions of readers and users who have loved and who continue to love the VIBE brand. We thank you, we have served you with joy, pride and excellence, and we will miss you. —Danyel Smith