So it has finally been decided, as long rumored: Business 2.0 magazine is closing down, after Time Inc. (NYSE: TWX) tried to sell it but in the end decided not to. The October issue, to be closed next week, will be the final one, reports NYT’s Bits blog. The magazine got a one month extension last month, as the parent company tried to sell it, and reports pegged offers from Mansueto Ventures and others. But Time Inc. did not want to boost a competitor, and look bad in case the magazine was revived. The Bits post says “Kill Teams” from Time Inc. in NYC will visit the magazine’s 29th floor offices in San Francisco tomorrow.

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NYT’s main story: Time Inc. will reassign the editor of Business 2.0, Joshua Quittner, and nine other editorial staff members to Fortune magazine, where they will help with Fortune’s technology coverage, conference business and website. A benefit of the magazine’s two-month closure-decision-making process is that most of its laid-off employees now have other jobs lined up, the story says.