Business 2.0, the magazine established in 1998 with the lofty goal of chronicling the rise of the New Economy is to close.

According to a NY Times report, Business 2.0 staff were told today that the publication will close next week after the completion of the October Edition.

There previously has been some rumors that Business 2.0 would be taken over by a new publisher, however it appears that Time has decided to kill the magazine (as the NY Times suggests) so as to not provide a ready made magazine and subscriber list to a competitor.

Business 2.0 was founded by Chris Anderson and journalist James Daly and served as a launching pad for a number of well known writers over its 10 years, Om Malik among them.