1up has just added this post to their site...

You may have heard the rumors in the past, but today the announcement we?ve all been waiting for has officially come: UGO Entertainment and parent Hearst Corporation have acquired 1UP and its associated sites GameVideos.com, MyCheats.com, and GameTab.com. 1UP and its sites now join UGO's network of gaming properties that will reach over 40 million monthly unique visitors. UGO and 1UP representatives commented on the deal:

Full post here

UPDATE - EGM is officially closed - full details here