Giant Magazine, known for featuring Beyonce and Rihanna, has announced plans to cease its print publication as a result of declining economic climate.

The unexpected announcement was made Monday (November 30) afternoon.

Owner Radio One announced Giant is folding in print, although it will continue in some form online. No word on layoffs yet. They paid a mere $270K for Giant in 2007, so the financial loss is not as terrible as it could have been, in a cold, corporate sense. (Gawker)

A statement confirming the move was followed shortly after published reports.

“The economic downturn has had a tremendous impact on print media and we had to make the decision to suspend printing the publication,” said Tom Newman, president of Interactive One in a statement. “Additionally we recognize the increase in demand for real time information and see this as an opportunity to leverage our existing robust online platform to better serve Giant consumers and advertisers through our interactive medium.” (Washington Business Journal)

Giant Magazine will transition from print to an online counterpart called

Interactive One, LLC the digital connection for Black America and the digital division of Radio One, Inc., the largest African American multimedia company, today announced the launch of to super-serve a highly underserved audience, affluent African Americans 21-34 and will suspend printing the bi-monthly Giant Magazine. will continue and expand upon the magazine’s original vision by providing a larger audience with superior original content and access to an exclusive lifestyle. (PR Newswire)

The publication is also known for highlighting and following the careers of various urban pop stars.

Giant Magazine has been known for creative photography and superior editorial. Over the years Giant Magazine has covered such talents as Beyonce, Prince, Rihanna, Maxwell and most recently Paula Patton. will offer consumers access to the same celebrity profiles through its products, TheGIANTList, Cover Stories hosted by Smokey Fontaine and exclusive coverage of cultural events and special features of emerging talent in the African American community. (Press Release)

No further details have been revealed as of now.