Business 2.0 Turns It’s Last Page

Business 2.0, the monthly magazine founded by Chris Anderson dedicated to the “new economy” has recently announced that it will officially close shop. Due to low advertising revenue, the magazine will run its last issue this October. Though, instead of selling the magazine, Time Inc. has opted to just shut it down completely.

According to people familiar with Time Inc.’s handling of the matter, Time turned down offers from Mansueto Ventures, owners of the rival magazine Fast Company, and other prospective buyers to acquire the Business 2.0 brand and its circulation list of 600,000 subscribers.

Instead, Time Inc. will reassign the editor of Business 2.0, Joshua Quittner, and nine other editorial staff members to Fortune magazine, where they will help with Fortune’s technology coverage, conference business and Web site.

“I’d be lying if I didn’t admit to being heartbroken,” said Mr. Quittner, who steered the magazine for five and a half years. “That said, we had a terrific team here and learned a lot. A bunch of us are going on to Fortune, where we’ll have an even bigger platform to carry on the good fight.”

New York Times: Time Inc. to Close Business 2.0