Quincy Jones to Buy Back Vibe Magazine

Musician and producer Quincy Jones, who founded Vibe Magazine, announced that he plans to try and buy back the magazine, though not in print form.

Vibe announced on Tuesday that it would be shutting down amidst declining readership and mounting debts.

Jones was quick to announce he is currently in the process of reacquiring the magazine, though with plans to release it as an online-only venture.

He told EbonyJet.com: "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."

Vibe was founded in 1993 as a feature for hip hop and R&B music and urban youth culture.