Citing the advent of downloadable game demos and an inability for the magazine to 'fit into our integrated media network or afford us digital media opportunities', Ziff Davis' Official PlayStation Magazine will be closed out in January of next year. From the Gamasutra article: "According to the firm, Sony Computer Entertainment America will remain a key content and marketing partner for Ziff Davis Game Group, which will cover SCEA's PlayStation 3 and first-party games extensively across all of its media outlets, including EGM, 1UP.com, and GameVideos.com. The Game Group editorial team will also 'work closely with SCEA in the development of digital content for the PlayStation Network, accessible only through the PS3.' Due to the long-term decline in the magazine advertising market, Ziff Davis has been gradually transitioning away from print for some time, aggressively building up 1UP.com as its central website portal." 1up is carrying a story with the official announcement and some low-key commentary. If you're interested in how much this had to do with subscription numbers, GameSetWatch has a run-down on subscribers for many of the large gaming rags.
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