The 1UP Network has educated many gamers around the world for a long time now through global magazines, podcasts and several popular online outlets. Today this is set to change as 1UP have confirmed their acquisition by UGO Entertainment (owned by Hearst Corporation) and with so the loss of the long running magazine Electronic Gaming Monthly.

For now the multiple websites under the corporate umbrella seem destined to remain in-tact, so fans of 1UP.com, FileFront.com, GameVideos.1up.com, MyCheats.1up.com and GameTab.com will all still have their respective outlets to visit but not in the same shape as before with multiple company lay-offs across the network.

With the loss of EGM and jobs across the network the corporate digestion doesn’t end there, as popular podcasts such as the 1UP Show and 1UP Yours are now also to end.

Joystiq have posted some reports on the events as they roll out as well as a list of staff members known to be getting the sack due to the takeover.