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Report: Time Inc. to close, not sell, 'Business 2.0'

Offers to purchase magazine were turned down by Time Inc., according to news story. October issue will be the last.

Time Inc. has decided to close rather than sell its monthly magazine Business 2.0, which has suffered a decline in advertising revenue, The New York Times reported in its online edition on Wednesday. Employees have been told that on Wednesday human resources personnel and other executives from Time will visit the magazine's San Francisco headquarters to formally shut down the operations, the report said. It will cease publication after its October issue, it said.

Time will reassign the editor of Business 2.0, Josh Quittner, and nine other editorial staff members to Fortune magazine, the report said. Time, a unit of Time Warner, turned down offers from Mansueto Ventures, owners of rival magazine Fast Company, and other possible buyers, the report said, citing people familiar with Time's handling of the matter. Time spokespersons were not immediately available for comment.