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‘Business 2.0’ Hopes for Stay of Execution before Sept.
Business 2.0 insiders have said that the Time Inc. is planning to shutter the magazine, with September being its final issue. However, a stay of execution may still be possible.
The reason for giving the magazine the axe is a sharp downturn in advertising revenue, which was down 38 percent through July 9 of this year, per figures from the Magazine Publishers of America, writes The New York Times.
Paid circulation in 2006 hung steady with 2005, at roughly 623,000.
If the magazine does fold, 10 editorial employees will remain aboard to help Fortune magazine cover Silicon Valley, insiders say.
Employees within the company believe that part of the problem was caused when the advertising sales teams of all Time Inc.‘s finance and business publications - Fortune, Money, CNNMoney.com, Fortune Small Business and Business 2.0 - were combined. Sales executives focused on the larger titles like Fortune and stopped selling the niche appeal of the smaller publication, they believe.
Editor Josh Quittner has unsuccessfully attempted to get venture capitalist backing in order to buy the struggling magazine from Time Inc. He had no comment about the possible folding of the magazine.