Hi WebNewser readers - we're now a part of mediabistro's SocialTimes.com, bringing you breaking news, guides & tips from the Web world.

Slate's The Big Money Closed for Business

TBM_7.30.gif

Less than two years after the Washington Post’s Slate Group launched The Big Money, they’ve announced the business/economy site is being shuttered, effective immediately.

Romenesko obtained the internal memo:

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.

The bosses, Jacob Weisberg and John Alderman also write, “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.”

MediaJobsDaily reports on what’s next for the staff.

Related Stories
Mediabistro Course

Pinterest Marketing

Pinterest MarketingPin your way to a wider audience! Starting December 1, work with the VP of Marketing at SheKnows to learn how to leverage Pinterest for your brand. In this course, you'll learn how to create a Pinterest Playbook to develop and measure your marketing strategy, grow a follower base, run an effective contest, and stay updated on the best practices for this platform. Register now!