Source: Decision on Business 2.0 to Come Next Week
By Jason Fell and Bill Mickey
A little more than a month after reports surfaced saying that advertising revenues at San Francisco-based Business 2.0 were down nearly 40 percent, and suggesting that the magazine was ready to fold, a well-placed source says publisher Time Inc. will decide the magazine’s fate sometime next week.
"It seems like the rumor mill is kicking into high gear, so I think [Time Inc.] is getting close to a resolution, " the source tells Folio: Alert.
Last month, rumors circulated that the September issue of Business 2.0 would be its last. As it reportedly considered offers from prospective buyers, Time Inc. apparently decided to retain the staff an extra few weeks to put together the October issue. A passionate group of Business 2.0 readers even formed a group on social networking site Facebook to show support for the magazine.
What will become of Business 2.0? Time Inc. apparently is considering a number of options, including folding it into sister publication Fortune, converting it into an online-only product, or selling it. A Time Inc. spokesperson declined to comment, other than to say that the company "absolutely will not" be making a decision about the magazine by next week.
Meanwhile, a number of Business 2.0 staffers have already found other employment and are hoping to collect severance packages before moving on, says the well-placed source. (Gawker Media Silicon Valley gossip site Valleywag reports that a magazine logo near the magazine’s entrance has been altered to read: "Fortune 2.0.") "I don’t think anyone is pessimistic," the source says. "I think people just want to be done with it. If it ends up being closed down everyone has pretty much gotten a nice soft landing, and if it’s going to be sold ﾅ they would love to hear the terms and if anyone here is going to be wanted by the new owner."