The new title, which will be edited by Martin Vander Weyer, the current business editor of The Spectator, will launch in the spring and aims to extend The Spectator's brand reach.
As a result of the changes, The Business, part of the Barclay brothers' media empire that also includes the Daily Telegraph, will cease publishing from this week, resulting in a small number of redundancies at the title.
The closure brings to an end a once ambitious project that started back in 1996 as a Sunday newspaper and went through a number of revamps before being relaunched as a magazine.
Press Holdings said the launch of Spectator Business would allow it to build the online offering it had developed through The Spectator and The Business, while expanding its global business, economics and investment coverage.
The Spectator confirmed its circulation has risen for the eleventh consecutive term to around 76,000 in the latest ABC figures.
Vander Weyer said: "The launch of Spectator Business gives us the opportunity to bring [the] distinctive Spectator flavour to wider and deeper coverage of global business, investment and economics.
"My ambition is to make the new monthly title not only a must-read for senior executives but a stimulating and entertaining overview of the business scene for the general reader."
Allister Heath, editor of The Business, stepped down on February 11 to become the editorial successor to David Parsley at City AM.
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