Vibe Magazine founder Quincy Jones has confirmed early reports of his publication folding but has described the strategy he plans to take in order to keep it running before completely shutting down.

While not naming anyone in particular, Jones pointed the finger at an undisclosed source of people responsible for Vibe‘s economic problems.

“I’m trying to buy my magazine back now,” he said in an interview. “They just messed my magazine all up, but I’m gonna get it back. You better believe it, I’ma take it online because print and all that stuff is over. We gotta get into the 21st century you know. Print and all that stuff is over, we gotta remember that. The Chicago Tribune, The Seattle Post Intelligencer. The Miami Herald. They’re over the same way as the record business. We have got to get into this century.” (Ebony Jet)

Despite earlier claims, the magazine will reportedly publish their “last” issue.

The new and final cover will feature The-Dream and Christina Millan. Looks like you will get to experience Milian’s hot nakedness after all. Just got word, the final issue will be distributed. Gabriel Tesoriero wins again. No subscriber copies will be sent. Better go in them pockets! (Rap Radar)

Vibe‘s CEO Steve Aaron released a statement this week which addressed why the publication came to an unexpected end after 16 years.

“The collapse of the capital markets has impacted us greatly,” he wrote. “Over the past several months, we have actively pursued investment resources while working intensively with our bank to find a solution. But the deal market right now remains very poor and at the end of the day, the lack of investment resources to restructure the huge debt on our small company has made this outcome become a reality. The print advertising collapse hit VIBE hard, especially as key ad categories like automotive and fashion, which represented the bulk of our top 10 advertisers, have stopped advertising or gone out of business…The relentless economic situation has depressed our growth initiatives on the digital front. To be clear, VMG has made significant improvement in this part of our business, but not at the accelerated pace required to offset the devastating effects of the most severe recession in our lifetime and the accompanying print losses.” (Rap Radar)

News of the publication’s fate landed online Tuesday (June 30) morning.

Vibe magazine, the urban-music magazine founded in 1993 by Quincy Jones, is the latest victim of the media recession. A source with knowledge of the situation tells DailyFinance that the staff has learned the magazine is ceasing publication, and assistants in the offices of editor in chief Danyel Smith and publisher Edgar Hernandez confirmed the news. (Daily Finance)

No further information on the publication has been provided as of today (July 2).