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VIBE Magaine Sold, President Gets Axed
 As previously reported, the magazine was sold last week, and Mediaweek speculated that some key Vibe employees would leave the award winning publication. The announcement of the magazine's sale was made to Vibe's staff at a morning meeting, where Vibe president Kennard Gibbs also announced he would be leaving the company. Gibbs had been president of Vibe since June 2000. Mimi Valdés, who served as Vibe's Editor in chief since 2003, will also leave the magazine, to be replaced by former Vibe editor Danyel Smith. Smith, who has also served as a Time Inc. editor at large, had been editor of Vibe from 1997 to 1999. She is currently married to Elliott Wilson, editor of XXL. Len Burnett, Vibe's publisher, will be staying with the company. Due to last week's report, current Vibe employees weren't taken aback by the news of the sale but were dismayed by Gibb's exit. "It's sad to see [Gibbs] go-that's our man," a Vibe insider told Media Week. "But it was pretty much like people knew [about the sale]." All former shareholders of Vibe, including Quincy Jones, Robert Miller, David Salzman, and Freeman Spogli and Co. have sold their shares in the company. The price of Vibe's purchase has yet to be announced.
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