A tipster tells us "They announced it internally yesterday in an afternoon meeting, giving employees approx... 2 hours notice." Rough. A few (former) Paste editors took to Twitter:
The magazine had financially struggled for some time now, but it was rescued last year by an outpouring of donations from readers. The music magazine industry continues to shrink. Any former Paste staffers can add their thoughts in the comments, or email me.
Update: The AP says Paste "will keep its popular website going but will stop sending print editions to its more than 200,000 subscribers." Presumably it will operate with a skeleton staff. We're also hearing several reports of freelancers who say they're owed money by Paste.