While both websites will be closed in due time, TechCrunch reports that Joystiq will remain as a separate channel at Engadget, though its name is subject to change.
AOL's CEO Tim Armstrong stated during an earnings call that its strategy will be partially based on organizing its "asset portfolio around scaled value and scaled growth assets" and simplifying "everything that can be simplified."
AOL will also be laying off 150 people, mainly those in sales positions, which may mean that most of the editors at Joystiq won't find themselves suddenly without a job. However, according to The Verge, Joystiq won't be "sticking around in any meaningful capacity," with AOL only keeping "a couple writers to run the subdomain." So it remains to be seen whether Joystiq's staff will remain intact.