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Los Angeles-based college gossip website has announced they will shut down. Founder and CEO Matt Ivester "announced his intention Wednesday in a message posted on the website. The message cited the national economic meltdown and falling ad revenue," reports USA Today. The site came under legal scrutiny a year ago when "New Jersey authorities subpoenaed the company as part of a probe to determine if the site was failing to comply with rules requiring users to agree not to post abusive or obscene content." Ivester was also slapped with a federal lawsuit by a student wanting to know who was posting hurtful gossip about her.

Anyone tapping in into their browser, though, will find themselves automatically sent to a new site called College ACB. The Connecticut-based site's welcoming press release (a link to a Blogspot blog, the epitome of professionalism) explains they've set up the forum as a place to vent and connect:

Such a philosophy sets the ACB apart from Juicy Campus, a website that fostered superficial interactions, often derogatory and needlessly crude. By contrast, the ACB consistently hosts a higher level of discourse—while still making room for the occasional gossip post.