Time to close Business 2.0

NEW YORK (Reuters) - Time Inc. has decided to close Business 2.0, one of the last-remaining Internet and technology business magazines born during the dotcom era, according to a source familiar with the matter.

Time, a unit of Time Warner Inc, did not reach an agreement to sell the magazine to Mansueto Ventures, owner of rival magazine Fast Company, or to other possible buyers, the source said.

Purchased in 2001 for about $68 million, the magazine had suffered an advertising decline and will cease publication after its October issue, a report in the New York Times said.

John Huey, Time editor-in-chief, is expected to brief employees on Thursday. Ten employees, including editor Joshua Quittner, are expected to join Time's Fortune magazine to bolster technology coverage.

A Time business and finance network spokeswoman declined comment.

Mansueto's offer included requests to take over certain digital assets including the magazine's archives, which Time Inc. was unwilling to sell, the source said.