One of the first casualties of the upcoming Time Inc. spin-off is going to be the CNNMoney.com joint venture.

Time’s News Group president Todd Larsen told staffers yesterday that the CNN Money joint venture between Time Inc. and Turner, the cable parent of CNN, will be dissolved on May 30.

The site, which had nearly 12 million unique monthly visitors in July according to comScore, will be kept alive by Turner.

However, Fortune and Money magazines will no longer contribute their web content.

The Time Inc. publishing unit is slated to spun off from Time Warner into an independent publicly traded company sometime in the first quarter of 2014.

Fortune and Money will each develop their own websites after the venture dissolves.