There's a pretty interesting interview with Perrin Kaplan, the Vice President of Corporate Affairs for Nintendo America, over at Game Informer's website. She discusses corporate moves, Wii shipments, and E3 among other things. But the one topic he did manage to quickly clear up was that Nintendo Power would not cease to exist as had been previously rumored:
"GI: There’s also some speculation in what’s going to happen with Nintendo Power. What’s the deal with that publication?
Kaplan: It’s going to be licensed, but it’s going to remain a magazine."
So what does that mean? Basically, Nintendo still will own the property, but will probably allow another party to publish it. We'll just have to see what happens in the coming months.