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The Vibe brand may be in store for a resurrection, as InterMedia Partners have confirmed their purchase of the defunct company’s assets.

Vibe, which was founded by legend Quincy Jones and Time Warner in 1993, had been a staple brand in urban culture until the changing market forced them to shut down the magazine and website in June.

With the name recognition for Vibe still strong, InterMedia Partners and its portfolio company Uptown Media Group are banking that a strategic re-launch will bring the brand back to its former 90s prominence.

“Vibe is the preeminent brand in R&B and Hip-Hop. We feel privileged to purchase and resurrect such a storied brand,” explained David Koff, a Senior Partner at InterMedia Partners. “Together with the re-launch of Soul Train this fall and the rapid expansion of Uptown Magazine, a reinvigorated Vibe enables us to serve a broad spectrum of the African American audience with high quality entertainment and information.”

The new focus for Vibe will be cultivating a “Vibe Lifestyle Network” which will include various other websites to crossover sponsorship and ad sale opportunities.

This task is in conjunction with Blackrock Digital, which handled the digital sales for Vibe before the June closing.

“Creating a preeminent lifestyle network anchored by two meaningful brands in the urban space is a fantastic opportunity that we had to get involved with,” Blackrock Digital president Chris Smith told AllHipHop.com. “Vibe.com has been a top performing web property for so many established advertisers, and we look forward to bringing that back to life along with key partner affiliate websites.”

The new team responsible for Vibe’s vision will be Brett Wright (Uptown Magazine Co-Founder), Chris Smith (Blackrock Digital President), Parker McNaughton (Blackrock Digital), and original 1993 Vibe team members Robert Miller and Leonard Burnett.

Vibe.com is set to officially re-launch in November or December 2009.

In 2010, the company will devote fewer resources to print issues, and follow a quarterly format for releases.

At press time, the terms for Vibe’s asset purchase have not been disclosed.