Jim Romenesko has a memo from Slate Group editor in chief Jacob Weisberg and publisher John Alderman announcing that its immediately shuttering its business news site The Big Money.
“The problem, in a nutshell, is that the site is not pointed toward profitability on a fast enough timetable. We’ve struggled to grow the site’s traffic to carry enough ad inventory to run a profitable business. There are some specific reasons for this slow growth which relate primarily to the category rather than to the quality of the magazine. Our timing also could have been better. TBM launched the week of the Lehman Brothers collapse in September 2008, and its existence has coincided with a deep trough in advertising market for business-oriented publications.
“The decision to close TBM as a separate destination doesn’t signal a move away from business as a category or a subject. To the contrary, we expect Slate’s engagement with business to get much stronger as a result of folding in aspects of what the separate site has been doing.”
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