Wikipedia: New Weird

The core idea of the New Weird is that literature should transcend the genre in which it is written. Writers are encouraged to blur the borders between genres. The genres most frequently used in New Weird writings are science fiction, fantasy, and horror. Opponents of New Weird note that the divisions of genre are built for a reason and that the traditional divisions of genre are based on which types of ideas work best together. Other opponents claim the genres of horror, science fiction, and fantasy have always been one genre. Supporters speculate that the New Weird will become an important part of literary tradition.

c.f. Speculative fiction and Magic Realism