We mentioned about Business 2.0 magazine’s closure last night, and some more details today from Time Inc, including an internal memo posted on Jossip.
On employees, Fortune offered jobs to Josh Quittner, Business 2.0’s editor since 2002, and 10 other employees. The magazine’s remaining 18 workers will lose their jobs, although Time is looking for positions for them at some of its other magazines, AP reports. The magazine ended up with a paid readership of just more than 600K, according to the latest figures from the Audit Bureau of Circulations.

From the internal memo by Time Inc COO John Squires: “Business 2.0 developed a bold and innovative style of journalism that has uniquely captured the energy of Silicon Valley. Bringing Business 2.0 under the FORTUNE umbrella will strengthen our overall position and introduce this journalism to the world’s premier business readership, in print and online. While we believe this is a positive step for the company and for our loyal readers, it is unfortunate to be losing some of our colleagues from Business 2.0. Rest assured, we are taking immediate steps to place as many employees as possible within Time Inc.”