UGO To Buy 1UP?

According to a report on Joystiq, the UGO Entertainment Network - and yes, they still exist - are in talks with Ziff Davis with an eye towards purchasing the 1UP network.

These talks are in a "very advanced" stage.

The report claims that UGO plans to allow 1UP's websites (ie 1UP.com, Gamevideos) to operate independently, maintaining their own "separate entities with their own branding". Sadly for EGM fans, it's also claimed that UGO have no interest in Electronic Gaming Monthly, meaning that if this deal does take place, the end is nigh for the long-running magazine.

Exclusive: UGO in high-level talks to buy 1UP; EGM not part of deal [Joystiq]