We hear that Radar, the funny and smart magazine helmed by Maer Roshan, is going to close. This third iteration of the magazine launched in 2005. We hear their popular Website will continue in some form. The staff is being called into a meeting momentarily, and we'll keep you updated as we know more.

Update: Supposedly a new managing editor from AMI is flying in on Monday; an arrangement with the Florida publishing company will keep the Website afloat, and some Web staff may be kept on as freelance for awhile.

Update 2: AMI confirms via press release that it has purchased radaronline.com; look for a relaunch in early 2009. No word on how many Web employees (if any) will be given the option to stay.

Update 3: Oh, not even Maer Roshan is staying. Also he sounds pissed: "Every magazine needs five to seven years to break even. That's the rule of thumb, especially now. When we went into it, I was told they had five years and would commit five years. And they didn't because the money was going faster than they expected. … They gave us 15 issues," he said. "Sixteen issues if they let the last issue which is a week from being printed." [NYO]