944's troubles began with a Super Bowl party in 2008 where they hired big gun performers (no pun intended) such as Wyclef John and 50 cent but were unable to recoup their investment in ticket sales. The debacle reportedly resulted in a $800k deficit for the companies involved. 944 was subsequently sued by their partner in the event, Explosive Productions -and it has been downhill ever since. The lawsuit caused 944 to take heavy financial blows in legal fees which resulted in their bankruptcy.
Despite the magazine's PR claiming they have "adequate funding" to continue publishing, court documents show a stifling $10 million and $50 million in debts, and just $1 million to $10 million in assets.Yikes. Sometimes it's simply time to throw in the towel. We will miss their edgy editorials, fashion forwardness and cool party pictures, but luckily, we'll always have Joonbug for that.