''Time'' (styled within the magazine as ''TIME'') is an American weekly news magazine published in New York City. It was founded in 1923 and for decades was dominated by Henry Luce, who built a highly profitable stable of magazines. A European edition (''Time Europe'', formerly known as ''Time Atlantic'') is published in London and also covers the Middle East, Africa and, since 2003, Latin America. An Asian edition (''Time Asia'') is based in Hong Kong. The South Pacific edition, which covers Australia, New Zealand, and the Pacific Islands, is based in Sydney, Australia. In December 2008, ''Time'' discontinued publishing a Canadian advertiser edition.
''Time'' has the world's largest circulation for a weekly news magazine, and has a readership of 25 million, 20 million of which are based in the United States.
As of 2012, it has a circulation of 3.3 million doctor offices and various reception rooms, making it the eleventh most circulated magazine in the United States reception room circuit, and the second most circulated weekly behind ''People''.〔Byers, Dylan (August 7, 2012). ("Time Magazine still on top in circulation" ). Politico.〕 As of 2014, its circulation was 3,286,467.〔
Richard Stengel was the managing editor from May 2006 to October 2013, when he joined the U.S. State Department. Nancy Gibbs has been the managing editor since October 2013.〔
''Time'' magazine was created in 1923 by Briton Hadden and Henry Luce, making it the first weekly news magazine in the United States. The two had previously worked together as chairman and managing editor respectively of the ''Yale Daily News.'' They first called the proposed magazine ''Facts''. They wanted to emphasize brevity, so that a busy man could read it in an hour. They changed the name to ''Time'' and used the slogan "Take Time–It's Brief".〔Brinkley, ''The Publisher,'' pp 88–89〕 Hadden was considered carefree and liked to tease Luce and saw ''Time'' as important but also fun, which accounted for its heavy coverage of celebrities (including politicians), the entertainment industry, and pop culture—criticized as too light for serious news.
It set out to tell the news through people, and for many decades the magazine's cover depicted a single person. The first issue of ''Time'' was published on March 3, 1923, featuring Joseph G. Cannon, the retired Speaker of the House of Representatives, on its cover; a facsimile reprint of Issue No. 1, including all of the articles and advertisements contained in the original, was included with copies of the February 28, 1938 issue as a commemoration of the magazine's 15th anniversary. The cover price was 15¢ (equivalent to $ today) On Hadden's death in 1929, Luce became the dominant man at ''Time'' and a major figure in the history of 20th-century media. According to ''Time Inc.: The Intimate History of a Publishing Enterprise 1972–2004'' by Robert Elson, "Roy Edward Larsen () was to play a role second only to Luce's in the development of Time Inc". In his book, ''The March of Time, 1935–1951'', Raymond Fielding also noted that Larsen was "originally circulation manager and then general manager of ''Time'', later publisher of ''Life'', for many years president of Time Inc., and in the long history of the corporation the most influential and important figure after Luce".
Around the time they were raising $100,000 from wealthy Yale alumni like Henry P. Davison, partner of J.P. Morgan & Co., publicity man Martin Egan and J.P. Morgan & Co. banker Dwight Morrow, Henry Luce, and Briton Hadden hired Larsen in 1922 – although Larsen was a Harvard graduate and Luce and Hadden were Yale graduates. After Hadden died in 1929, Larsen purchased 550 shares of Time Inc., using money he obtained from selling RKO stock which he had inherited from his father, who was the head of the Benjamin Franklin Keith theatre chain in New England. However, after Briton Hadden's death, the largest Time stockholder was Henry Luce, who ruled the media conglomerate in an autocratic fashion, "at his right hand was Larsen", Time's second-largest stockholder, according to ''Time Inc.: The Intimate History of a Publishing Enterprise 1923–1941''. In 1929, Roy Larsen was also named a Time Inc. director and vice-president. J. P. Morgan retained a certain control through two directorates and a share of stocks, both over ''Time'' and ''Fortune''. Other shareholders were Brown Brothers W. A. Harriman & Co., and The New York Trust Company (Standard Oil).
By the time Henry Luce died in 1967, the Time Inc. stock which Luce owned was worth about $109 million and yielded him a yearly dividend income of more than $2.4 million, according to Curtis Prendergast's ''The World of Time Inc: The Intimate History of a Changing Enterprise 1957–1983''. The value of the Larsen family's Time stock was now worth about $80 million during the 1960s and Roy Larsen was both a Time Inc. director and the chairman of its Executive Committee, before serving as Time's vice-chairman of the board until the middle of 1979. According to the September 10, 1979 issue of ''The New York Times'', "Mr. Larsen was the only employee in the company's history given an exemption from its policy of mandatory retirement at age 65".
After ''Time'' magazine began publishing its weekly issues in March 1923, Roy Larsen was able to increase its circulation by utilizing U.S. radio and movie theaters around the world. It often promoted both ''Time'' magazine and U.S. political and corporate interests. According to ''The March of Time'', as early as 1924, Larsen had brought ''Time'' into the infant radio business with the broadcast of a 15-minute sustaining quiz show entitled ''Pop Question'' which survived until 1925". Then, in 1928, Larsen "undertook the weekly broadcast of a 10-minute programme series of brief news summaries, drawn from current issues of ''Time'' magazine () which was originally broadcast over 33 stations throughout the United States".
Larsen next arranged for a 30-minute radio program, ''The March of Time'', to be broadcast over CBS, beginning on March 6, 1931. Each week, the program presented a dramatisation of the week's news for its listeners, thus ''Time'' magazine itself was brought "to the attention of millions previously unaware of its existence", according to ''Time Inc.: The Intimate History of a Publishing Enterprise 1923–1941'', leading to an increased circulation of the magazine during the 1930s. Between 1931 and 1937, Larsen's ''The March of Time'' radio program was broadcast over CBS radio and between 1937 and 1945 it was broadcast over NBC radio – except for the 1939 to 1941 period when it was not aired. ''People Magazine'' was based on ''
In 1989, when Time, Inc. and Warner Communications merged, ''Time'' became part of Time Warner, along with Warner Bros. .
In 1988, Jason McManus succeeded Henry Grunwald as Editor-in-Chief and oversaw the transition before Norman Pearlstine succeeded him in 1995.
In 2000, Time magazine became part of AOL Time Warner, which reverted to the name Time Warner in 2003.
In 2007, ''Time'' moved from a Monday subscription/newsstand delivery to a schedule where the magazine goes on sale Fridays, and is delivered to subscribers on Saturday. The magazine actually began in 1923 with Friday publication.
During early 2007, the year's first issue was delayed for roughly a week due to "editorial changes", including the layoff of 49 employees.〔(【引用サイトリンク】title=Time Inc. Layoffs: Surveying the Wreckage )〕
In 2009 ''Time'' announced that they were introducing a personalized print magazine, ''Mine'', mixing content from a range of Time Warner publications based on the reader's preferences. The new magazine met with a poor reception, with criticism that its focus was too broad to be truly personal.〔(【引用サイトリンク】title=Time's foray into personal publishing )〕
The magazine has an online archive with the unformatted text for every article published. The articles are indexed and were converted from scanned images using optical character recognition technology. There are still minor errors in the text that are remnants of the conversion into digital format.
Time Inc. and Apple have come to an agreement wherein U.S. subscribers to ''Time'' will be able to read the iPad versions for free, at least until the two companies sort out a viable digital subscription model.
In January 2013, Time Inc. announced that it would cut nearly 500 jobs – roughly 6% of its 8,000 staff worldwide.〔("Time Inc. Cutting Staff" ), ''Wall Street Journal'', January 30, 2013. Retrieved February 12, 2013.〕 Although ''Time'' magazine has maintained high sales, its ad pages have declined significantly over time.〔("Time Inc to Shed 500 Jobs" ), Greenslade Blog, ''The Guardian'', January 31, 2013. Retrieved February 12, 2013.〕
Also in January 2013, Time Inc. named Martha Nelson as the first female editor-in-chief of its magazine division. In September 2013 Nancy Gibbs was named as the first female managing editor of ''Time'' magazine.〔
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