Yes, it's official folks. Derwent Howard released a statement yesterday that includes the gory details. Sadly, I'm not privy to the statement itself, but IT media news site ITJourno has extracted everything we need to know. Again, I'd provide a direct link, but the site is only accessible to registered IT journalists.
According to ITJ, the split is effective immediately, which means there's just one more issue of Official Xbox 360 Magazine in the pipeline from the publisher. After that, it's unclear how the magazine will transition back to its original owners or whether it's appearance on shelves will continue uninterrupted. On the bright side, I've heard that Derwent Howard will retain OXM's staff for a new Xbox 360-themed magazine.
Keeping with the industry gossip (dominated recently by the comedic antics of the phantom of the Internet), Derwent Howard's new Nintendo games mag hit newsstands yesterday. Look out for a Lego Indiana Jones on the cover. IGN Australia also has a new Editor-in-Chief, in the form of ex-Official Playstation Magazine editor Narayan Pattison, after Bennett Ring's recent departure to the world of mobiles.