AOL Time Warner Acquires Business 2.0

Posted on June 8, 2001

The Fortune Group at Time Inc. announced that it will acquire Business 2.0 magazine, its brand and related conference and online activities from The Future Network plc. The Fortune Group will combine Business 2.0 with its eCompany Now magazine and re-launch it as a monthly publication in September. The re-designed magazine, which will retain the name Business 2.0, will have a paid rate base of 550,000. Most of the staff of Business 2.0 will be laid off, with only a few remaining as part of the combined publication.

John Huey, editor of The Fortune Group, said, ``Our success with eCompany Now has convinced us that there is a vibrant community of readers for a 'next generation business magazine,' one with a different perspective and attitude than the more traditional business books. Drawing on the resources of Time Inc. and AOL Time Warner, we are wholly committed to making Business 2.0 the voice of this business market, and number one in its space, just as Fortune is the leader in its category.''

Ned Desmond, the editor and president of eCompany Now, who will be editor and president of the new Business 2.0, said: ``The Business 2.0 magazine and website are going to be essential tools for navigating today's relentlessly changing marketplace, particularly as it's driven by technology and the Internet. We will report on the smartest, most innovative business practices as well as the people behind them. Not only will our readers find lots of surprising, useful insights, they'll learn how to put them to work.''

The AOL online service will support the launch of Business 2.0 with special promotions, links and content support. The Fortune Group at Time Inc., a division of AOL Time Warner, currently publishes several business news publications including Fortune, Money, FSB: Fortune Small Business, Mutual Funds, and eCompany Now.

Prior to the acquisition of Business 2.0, eCompany Now was publishing a monthly magazine with a circulation of 375,000, up from 200,000 when it launched in June 2000. Business 2.0 was publishing a bi-weekly magazine with a circulation of 350,000.