I suspect it's transitioning from an editorial site into an advertisement for the magazine.
The parent company, theglobe.com, is in dire straights. As of their March 31, 2002 financial statement, they had about $2.4 million in ready assets but were losing money each quarter -- I think that quarter they lost about $0.7 mil.
However, they had an impending hit of $625,000 to pay to their outgoing CEO. That would drop them to about $1.8 mil, and if they are still losing money, they may very well be under $1 mil in ready assets right now. My guess is they're cost-cutting, and they may have cut the website as part of that process. (In fact, theglobe.com's online ad revenue for the 1st quarter 2001 was $1.3 mil, but the online ad revenue for 1st quarter 2002 was...$0.00! Yeah, Internet advertising's healthy alright.)
The mag's up for sale, but this is not a good time to sell a magazine with the current ad slump.
Of course, there's probably no better time to buy a magazine if you want to get one cheap.