In a news item posted by 1UP themselves, they have informed that UGO has acquired 1UP and their associated sites.
You may have heard the rumors in the past, but today the announcement we've all been waiting for has officially come: UGO Entertainment and parent Hearst Corporation have acquired 1UP and its associated sites GameVideos.com, MyCheats.com, and GameTab.com. 1UP and its sites now join UGO's network of gaming properties that will reach over 40 million monthly unique visitors.