New York - Technology-focused business magazine Business 2.0 will be shuttered after its October issue instead of sold by owners Time Inc., The New York Times reported on Wednesday.

Time reportedly turned down offers from Fast Company owners Mansueto Ventures, and others.

Business 2.0 editor Joshua Quittner and nine other editorial staffers will be migrated to Time's Fortune magazine and website.

"I'd be lying if I didn’t admit to being heartbroken," Quittner told The Times.

"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."

Business 2.0 was initially launched by British publisher Future Network in 1998, and later acquired in 2001 by Time Warner for a reported $68 million.

However, the company's ad pages had dwindled nearly 40% through July of this year, The Times reported, citing figures from the Magazine Publishers of America.

Related Links:
http://www.nytimes.com/2007/09/05/business/media/05mag.html

http://www.business2.com