Time Inc. has officially announced Business 2.0's closure in an internal memo obtained by Jossip. In it, Time Inc. executive John Squires explains that folding in some of Business 2.0's staff into Fortune will give it "the largest San Francisco bureau of any major business publication." The Wall Street Journal bureau will still be twice its size, but never mind — we assume Squires meant "magazine." No, what's interesting in the memo is what's not said.
Former B2 editor Josh Quittner, left, will get the title of executive editor, and Squires gives props to his tech chops in the memo. But Squires doesn't mention that as such, Quittner will be effectively outranked by his predecessor, Jim Aley, right, who departed B2 abruptly in 2002 to rejoin Fortune after Quittner arrived to take over the magazine. From what we hear, Aley, an assistant managing editor and the director of Fortune's technology coverage, will be the de facto boss of the tech-focused bureau, not Quittner. (Full disclosure: Before joining Valleywag, I worked for both Aley and Quittner at Business 2.0.)