There has yet to be an official announcement; however, Gawker cites an inside source and several “searching for a job” tweets from the magazine’s employees. Update: Paste has made it official, though the magazine’s digital assets — including PasteMagazine.com — will remain up and running.
The news is anything but surprising. In recent years, Paste has relied on reader donations to stay afloat. In 2009, for example, the magazine launched the “Save Paste” campaign and offered exclusive music in exchange for donations. More recently, a Paste sponsored tour was announced.