Time magazine was created in 1923 by Briton Hadden and Henry Luce, making it the first weekly news

magazine in the United States.[5] The two had previously work ed 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."[6] Hadden was a rather carefree figure, w ho liked to tease Luce and saw Time as something important but also fun. That ac counts for its tone, which many people still criticize as too light for serious news and more suited to its heavy coverage of celebrities (including politicians ), the entertainment industry, and pop culture. It set out to tell the news thro ugh people, and for many decades the magazine's cover was of a single person. Th e first issue of Time was published on March 3, 1923, featuring on its cover Jos eph G. Cannon, the retired Speaker of the United States House of Representatives ; a facsimile reprint of Issue No. 1, including all of the articles and advertis ements contained in the original, was included with copies of the February 28, 1 938 issue as a commemoration of the magazine's 15th anniversary.[7] On Hadden's death in 1929, Luce became the dominant man at Time and a major figure in the hi story of 20th-century media. According to Time Inc.: The Intimate History of a P ublishing Enterprise 1972 2004 by Robert Elson, "Roy Edward Larsen [...] was to pl ay a role second only to Luce's in the development of Time Inc." In his book, Th e March of Time, 1935 1951, Raymond Fielding also noted that Larsen was "originall y 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 corporati on the most influential and important figure after Luce." Around the time they were raising US$100,000 from wealthy Yale alumni like Henry P. Davison, partner of J.P. Morgan & Co., publicity man Martin Egan and J.P. Mo rgan & Co. banker Dwight Morrow, Henry Luce and Briton Hadden hired Larsen in 19 22 although Larsen was a Harvard graduate and Luce and Hadden were Yale graduate s. After Hadden died in 1929, Larsen purchased 550 shares of Time Inc., using mo ney he obtained from selling RKO stock which he had inherited from his father, w ho was the head of the B.F. Keith theatre chain in New England. However, after B riton Hadden's death, the largest Time Inc. stockholder was Henry Luce, who rule d the media conglomerate in an autocratic fashion, "at his right hand was Larsen ," Time Inc.'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 a Time Inc. vice-president. J.P. Morgan retained a cer tain 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 Ne w York Trust Company (Standard Oil). By the time of Henry Luce's death in 1967, the Time Inc. stock which Luce owned was worth about US$109 million and yielded him a yearly dividend income of more than US$2.4 million, according to The World of Time Inc: The Intimate History of a Changing Enterprise 1957 1983 by Curtis Prendergast. The value of the Larsen fa mily's Time Inc. 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 Inc.'s vice-chairman of the board until the middle of 1 979. According to the September 10, 1979 issue of The New York Times, "Mr. Larse n was the only employee in the company's history given an exemption from its pol icy 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 h ad 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, ac cording to the same book, "In 1928 [...] Larsen undertook the weekly broadcast o f a 10-minute programme series of brief news summaries, drawn from current issue

s of Time magazine [...] which was originally broadcast over 33 stations through out the United States." Larsen next arranged for a 30-minute radio program, The March of Time, to be bro adcast 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 wa s brought "to the attention of millions previously unaware of its existence," ac cording to Time Inc.: The Intimate History of a Publishing Enterprise 1923 1941, l eading to an increased circulation of the magazine during the 1930s. Between 193 1 and 1937, Larsen's The March of Time radio program was broadcast over CBS radi o 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 Time's People page. Time became part of Time Warner in 1989, along with Warner Bros. when Time, Inc. and Warner Communications merged. Jason McManus succeeded Henry Grunwald in 198 8 as Editor-in-Chief and oversaw the transition before Norman Pearlstine succeed ed him in 1995. In 2000, the 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 Satu rday. 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." The changes included the job losses of 49 employees.[8] 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 read er's preferences. The new magazine met with a poor reception, with criticism tha t its focus was too broad to be truly personal.[9] The magazine has an online archive with the unformatted text for every article p ublished. The articles are indexed and were converted from scanned images using optical character recognition technology. There are still minor errors in the te xt that are remnants of the conversion into digital format. Time Inc. and Apple have come to an agreement wherein US subscribers to Time Inc . magazines will be able to read the iPad versions of those magazines for free, at least until the two companies sort out a viable digital subscription model.[1 0] In January 2013, Time Inc. announced that it would cut nearly 500 jobs roughly 6 % of its 8,000 staff worldwide.[11] Although Time magazine has maintained high s ales, its ad pages have declined significantly over time.[12] Also in January 2013, Time Inc. named Martha Nelson as the first female editor i n chief of its magazine division. [13] In September 2013 Nancy Gibbs was named a s the first female managing editor of Time magazine. [14]