From their site:
Why is this closure happening, then? It’s a business thing, and like most business things it’s not easy to explain or understand unless you spend all day crunching numbers and paying bills. Which I don’t. So here’s the simple version that even I can comprehend: Ziff Davis wants to run an efficient, focused company, and managing several different sites that all cover videogames isn’t exactly the model of efficiency. Even though GameSpy had its own unique voice that was separate and distinct from those of our sister sites, and there has always been value in that, it’s hard to argue with that logic. Even if it does totally suck.
So yeah, another one bites the dust.
Other greats from a top ten include Byte and InfoWorld.. Oh well.