The news comes as little surprise since Future has been in talks with the AOL Time Warner division since April.
Future decided to sell the title when it announced it would scale back its US operations in an attempt to rescue its tumbling share price. In April, the company reported pre-tax full-year losses of £59.3m against losses of £3.5m last time.
Business 2.0 was launched three years ago and has a subscriber base of 350,000, while Time's 12-month-old eCompany Now magazine has a circulation of 375,000.
The move will almost certainly see Business 2.0 merged with eCompany Now, reducing Business 2.0's frequency from fortnightly to monthly. The relaunched title is tipped to have a paid-for circulation in the region of 550,000.
Future announced at the end of April that it was closing the European and UK arms of the magazine because of the depressed advertising market. The titles were put up for sale but the publisher failed to find a buyer.
The combined title will make its debut in September and Time says it will close the eCompany Now website.