Forbes shuts down 'Forbes ASAP'

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New York--Forbes Inc. late Thursday closed Forbes ASAP because of the prolonged advertising slump.

The magazine, which was a quarterly supplement sent to Forbes' 885,000 subscribers, was launched in 1992 and was one of the first publications to cover the so-called new economy.

Forbes said the closure was a response "to the continuing difficulties in this technology sector," adding that "there is no longer a market for dedicated new economy publications."

The shutdown will result in the loss of eight jobs.

The Publishers Information Bureau does not track Forbes ASAP, but ad pages and ad revenue for the flagship Forbes fell 48% through August compared with the same period last year.

--Matthew Schwartz

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