Editor & Publisher folds in US

Shocking news from the US. Editor & Publisher, which is the American equivalent of Press Gazette and has covered journalism and the newspaper industry for years, is to close.
The news was broken by editor Greg Mitchell on Twitter (see above).
Greg also tweets : "E&P was one of oldest magazines in USA -- since 1884. Long battler for First Amendment, reporter rights, watchdog of industry."
This is really sad news. Great magazine and champion of journalism. Hope someone comes in with rescue.
Update: This is what E&P is reporting tonight:
NEW YORK: "Editor & Publisher, the bible of the newspaper industry and a journalism institution that traces its origins back to 1884, is ceasing publication.
An announcement, made by parent company The Nielsen Co., was made Thursday morning as staffers were informed that E&P, in both print and online, was shutting down.
The expressions of surprise and outpouring of strong support for E&P that have followed across the Web -- Editor & Publisher has even hit No. 4 as a Twitter trending topic -- raise the notion that the publication might yet continue in some form.
Nielsen Business Media, of which E&P was a part, has forged a deal with e5 Global Media Holdings, LLC, a new company formed jointly by Pluribus Capital Management and Guggenheim Partners, for the sale of eight brands in the Media and Entertainment Group, including E&P sister magazines Adweek, Brandweek, Mediaweek, Backstage, Billboard, Film Journal International and The Hollywood Reporter. E&P was not included in this transaction.
As news spread of E&P's fate, the staffers have been inundated with calls from members of the industry it covers, and many others, expressing shock and hopes for a revival. Staff members will stay on for the remainder of 2009.
Greg Mitchell, editor since 2002, has hailed the staff and accomplishments, including a dozen major awards and strong showing on the Web for many years. Some staff writers/editors have been at E&P for a quarter of a century. "I'm shocked that a way was not found for the magazine to continue it some form -- and remain hopeful that this may still occur," he said.
Editor & Publisher was launched in 1901 but traces its history to 1884 -- it merged with the magazine The Journalist, which had started on that earlier date."