Time Inc. Shutters "Fortune Small Business"

Time Inc. has folded Fortune Small Business, Mediabistro reports.

The ultra-niche publication, owned by American Express, was directly delivered to about 1 million Amex cardholders, and closed its final issue last week. According to Mediabistro, at least one person was laid off as a result of the shutdown.

The magazine publisher is in the process of cutting $100 million in costs, which means another round of layoffs. The company has filed to cut 280 jobs in New York and, according to the New York Times, slashed about 15 to 20 non-Guild sales and marketing staffers — mainly from Sports Illustrated — on Tuesday night.

Most of the casualties are expected to be from Time Inc’s news division, which includes Time, Fortune and Money magazines.

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