Why not instead?
Reduce cost to a shared server on RIMU (Around £50 a month)
Aggregate all music blogs on your shiny new shared server (under the NME brand)
Pay small stipends to the best "journos".
"Sign" the bands they love - and give the journos a cut.
Give their music away for free.
Make money on the tickets and merch.
IPC's problems solved and its not even 8:00am yet....