John Betancourt of Wildside Press is reportedly selling Weird Tales to editor and publisher Marvin Kaye. According to current editor-in-chief Ann VanderMeer, Kaye will edit the magazine himself, and no members of the current staff will be retained.
VanderMeer’s last issue will be #359, to be published in February of 2012. The current issue is #358, and fiction bought by VanderMeer will be published in later issues.
The magazine has received three Hugo nominations and one win (2009) during VanderMeer’s tenure, which began in 2007. VanderMeer plans to continue work on anthologies including The Weird: A Compendium of Dark and Strange Stories and Odd?.
The Weird Tales website has more details, and a farewell letter from VanderMeer.