Ax falls on magazines Radar, 02138

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Today, in what some media outlets are calling the magazine industry's Black Friday, both Radar and Harvard-centric glossy 02138 are folding.

Radar's print publication will shutter, but Radar's Web site, RadarOnline.com, was bought by American Media Inc.com through a partnership with Integrity Multimedia Company. The site is slated to relaunch in early 2009 as a celebrity and pop culture breaking news site.

David Perel, EVP of AMI News, will leave that position to become managing editor of RadarOnline. He's also currently the editor of the National Enquirer.

"The AMI newsgathering team that David Perel has at his disposal for the new site is unmatched in the celebrity market, as is the access we have to past, present and future pop culture milestones," said American Media Inc. chairman and CEO David Pecker, in a statement.

Additionally, Manhattan Media, which bought 02138 in May, has decided to suspend publication. The magazine named for Harvard's ZIP code was launched in October 2006. The magazine's December issue will be published in its entirety online.

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