Business 2.0 Becomes Latest Time Inc. Title to Fold
Business 2.0, a monthly publication on the economy launched in 1998, will be shut down by Time Inc. following its October issue, according to Editor Josh Quittner’s post on a blog on the New York Times’ Web site this week. There had been much speculation that the title would be sold but Time has instead elected to shutter the magazine as a result of its declining ad pages and circulation figures.
The magazine’s total circulation (approximately 600,000) decreased 7.1 percent in the first half of 2007 compared to the same period of 2006, according to figures from the Audit Bureau of Circulation. Ad pages saw an even sharper decline during the period, falling 34 percent according to Publisher’s Information Bureau.
Time Inc., which purchased Business 2.0 in 2001 from Imagine Media, will reassign Quittner and 10 other staffers to Fortune magazine, which has also struggled in 2007. Fortune’s ad pages are down 17.5 percent in the first half of 2007. The magazine’s other 18 staffers will lose their jobs, according to the Associated Press, but Time Inc. vowed in an internal memo posted on Jossip.com to take “immediate steps to place as many employees as possible within Time Inc.”
“Business 2.0 developed a bold and innovative style of journalism that has uniquely captured the energy of Silicon Valley,” said Time Inc. COO John Squires in the memo. “Bringing Business 2.0 under the Fortune umbrella will strengthen our overall position and introduce this journalism to the world’s premier business readership, in print and online. While we believe this is a positive step for the company and for our loyal readers, it is unfortunate to be losing some of our colleagues from Business 2.0.”