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Brad Stone from the NY Times “Bits” blog reports that Business 2.0 will be shut down:

We’re sad to report that employees of Business 2.0 magazine were told today that the monthly publication will close next week, after they finish the October issue.

As we wrote in July, executives at Time Inc. were weighing whether to shutter the seven-year old business/technology publication as the magazine’s ad pages precipitously dropped this year.

Business 2.0 is the magazine which published the first domain-related article that caused a stir among the folks at Wall Street and Madison Avenue. The article, which was titled ”Masters of their Domains” and published in the magazine’s December 2005 issue, featured the TRAFFIC domain conference in Delray Beach, Florida in 2005 and described how a handful of visionary people recognized the value of generic domains early and made millions from their domain portfolios in the end. “Masters of their Domains” also gave a little insight into the success of domain investors Rick Schwartz, Michael Bahlitzanakis, Frank Schilling and Yun Ye.

In 2006, Business 2.0 editor-at-large Paul Sloan wrote another important article about the domain industry, namely “The man who owns the Internet“. This article portrayed Kevin Ham from Reinvent Technology, and it caused a big wave of investors entering the domain business, too.

After all, it’s really sad that the magazine has to close now, as it has been a very important publication for the domain industry. Hopefully Time Inc. will find a new place for its Business 2.0 employees, including Paul Sloan who has done a fantastic job writing about technology, media and the domain name industry.