It looks like there’s one less gay newspaper flying its freaky rainbow flag across the streets of NYC. The Times reports that venerable NYC gay/lesbian/LGBT publication The Blade is suspending publication after a dozen years in the business. The rag — a bi-weekly paper with a free circulation of 22,000 — has been feeling thin in recent months and seen its pages drop down to a sad average of 28. With this news, New York alt weekly the New York Press asks the question: What is the point of gay media in 2009?

“HX Magazine and the web site hx.com have been sold. The new owners of HX Magazine will be releasing details and information on their plans for the future of the title shortly. In the meantime, Bank and HX Magazine Publisher Gary Lacinski will be assisting them in the transition. HX Magazine issue 931 dated July 10th, which will be released on July 3rd, will be the last one produced by HX Media and its staff.

“We’ve had an incredible time creating what we feel is the best local gay magazine the world has ever seen,” says Bank, “and I am proud that even in this difficult economy we were able to ensure that this magazine that is dear to the hearts of so many readers will be able to continue under capable new ownership.”

The terms of the transaction remain confidential.

HX Media, LLC still owns and operates The New York Blade newspaper and its Expo division, which produces the HX Gay & Lesbian Travel Expos, HX Gay Life Expo, and HX Gay Erotic Expo. These businesses were not part of the sale”