NEW YORK: The closure last week of Business 2.0 magazine, the technology-driven bible of a certain set of entrepreneurs, will leave PR professionals with one less story-driven business title outside of the big three.
Time Inc. announced on Wednesday that it is folding Business 2.0, a long-rumored move that was reportedly precipitated by declining advertising sales of the past year.
In an e-mail to employees, Time Inc. COO John Squires wrote that the magazine’s operations will be folded into Fortune and Fortune.com after the October issue. B2.0 managing editor Josh Quittner and a number of his staff will join Fortune, while others will be laid off.
“Bringing Business 2.0 under the Fortune umbrella will strengthen our overall position and introduce this journalism to the world’s premier business readership,” Squires wrote.
Danielle Perissi, VP of communications for Time Inc.’s business and finance network, said that one member of her staff had been solely responsible for B2.0’s PR, but that he left the company weeks prior to the magazine’s closure for unrelated reasons.
The magazine moved all of its PR in-house in 2005, and was not working with an agency. From 2001 to 2005, it worked with TrylonSMR.
Lloyd Trufelman, Trylon’s president, said that the magazine’s demise was both tragic and ironic; having survived the dot-com crash, it ended up dying in the thriving Web 2.0 era that it had always predicted editorially.
“Business 2.0 makes it through the dark period when nobody wanted to read, talk about, or advertise in anything related to technology,” he said. “[And] as soon as the light starts coming back through the tunnel… it was a strange time to let it die.”
Trufelman pointed out that the decision by B2.0 to join Time Inc., which saw its business operations placed in the same basket as magazines like Fortune, may have ultimately been detrimental.
“It just seemed to be the orphan,” he said.