Greg Mitchell, editor of Editor & Publisher for the past 8 years posted a tweet tonight saying that E&P had indeed found a buyer instead of the magazine going under.  The twist was that he was not being retained as editor.  He also posts at his blog that senior editor Joe Strupp is also out:

Got call from new buyer of Editor & Publisher, Duncan McIntosh, who publishes Boating World magazine and Fish Rap News in Irvine, Ca., a couple of hours ago, telling me that I am out as editor after eight years (and 10 years with magazine). The great Joe "Scoop" Strupp, senior editor, also out, after 12 years -- a truly great loss. Only four editors/writers left. One week ago in a meeting new owner told me flatly, "Extremely impressed with your great work and definitely will retain you."