This is just one (and happens to be the last) example of the re-design that was undertaken for Transworld Surf by Wedge & Lever. You can see their case study here. 

Grid

The cover’s grid is broken into four equal vertical columns and three major, but unequal, horizontal rows. Plus there are a few equally spaced gutters dividing and padding the space between sections. This white space gives a super clean, stark look to the cover. Which was appropriate because this was the magazine’s final issue. (Hence the image of an intense wipeout. At least they still had their sense of humor.)

Hierarchy

1. The first thing that catches your eye is the big, blue image of the guy going over the falls. The implied motion of the image draws your eyes down to…

2. The high contrast “Party’s” that’s cut off. Looking at the cover you catch a glimse of the red at the top too and your eyes are drawn back up there to the iconic Transworld Surf logo and the realization that the “Party’s over.”

3. Despite being so small, this bit of type actually stand out and gains some gravitas because it’s given so much white space. Plus there’s finality in the simple visual reference to a headstone.

Typography

 Din OT Black is my guess for the logotype. (Based on a tip-off from a font search site.)

I’m guessing some lucky art director whipped up a custom font for “Party’s over.”

Color

The main colors are high contrast: white, black read. The other colors come from the blues and the greens of the photo.