We are sorry to interrupt (or at least emotionally hijack) CES coverage but our earlier report about UGO acquiring the 1UP network has been officially confirmed.

Properties sold include: 1UP.com, Mycheats.com, Gametab.com and GameVideos.com. Filefront will reportedly become part of the PCMag Digital Network.

Unfortunately, however, things won’t be going over as smoothly as we first thought. Gamasutra got a hold of an internal email in which Ziff Davis CEO Jason Young says that “more scale is necessary to effectively compete in this market segment”.

To start with, Electronic Gaming Monthly, better known as EGM, will officially cease printing…

Joystiq is reporting through “multiple sources” that the UGO network is currently in “advanced talks” with Ziff Davis over the purchase of the 1UP network.

Neither 1UP, Ziff Davis, or UGO has yet to comment on the situation, so as of writing, Joystiq is our only source of information. The buyout will supposedly include websites 1UP, GameVideos and MyCheats. Meanwhile Electronic Gaming Monthly, the remainder of Ziff Davis’ gaming publications, and FileFront will probably not be…