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.

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