Late Friday morning Radar editor Maer Roshan convened his staff and announced that the magazine would be shutting down immediately. Staffers are expected to clear out their desks by the end of that day.

"The magazine is gone and the Web site is being reincarnated," said a Radar staffer who attended the meeting.

The web site has been sold to AMI and will be redesigned and rebuilt to "become a competitor to TMZ," our source said. David Pecker, C.E.O. of AMI will be installing David Perel, the editor-in-chief of The National Enquirer, as the managing editor of the new Web site.

NYO