Flash Fiction Online has been following the saga [Feb Jan] of Realms of Fantasy. Quite a few of the FFO staffers greatly admire this publication, both as readers and writers, and were disheartened to see it die. They were a profitable publication, but in the current climate, the owners wanted to focus on their core interests.

Fortunately, they've closed a deal with one of their potential buyers. Here is SF Scope's article on this new development. Here is their fledgling website. Thanks to Inarticulate Babbler for the tip.