Time (magazine)

===20th century===
[[File:Time Magazine - first cover.jpg|thumb|The cover of the first issue of ''Time'' on March 3, 1923, featuring [[Speaker of the United States House of Representatives|Speaker of the House]] [[Joseph Gurney Cannon|Joseph G. Cannon]]]]
''Time'' has been based in New York City since its first issue published on March 3, 1923, by [[Briton Hadden]] (1898–1929) and [[Henry Luce]] (1898–1967). It was the first weekly news magazine in the United States.<ref name="History of Time">{{cite news|url=http://www.time.com/time/archive/collections/0,21428,c_time_history,00.shtml|archive-url=https://web.archive.org/web/20050304031329/http://www.time.com/time/archive/collections/0,21428,c_time_history,00.shtml|url-status=dead|archive-date=March 4, 2005|title=History of Time|magazine=Time}}</ref> The two had previously worked together as chairman and managing editor, respectively, of the ''[[Yale Daily News]]''. They first called the proposed magazine ''Facts'' to emphasize brevity so a busy man could read it in an hour. They changed the name to ''Time'' and used the slogan "Take Time&nbsp;– It's Brief".<ref>Brinkley, ''The Publisher'', pp 88–89</ref> Hadden was considered carefree and liked to tease Luce. He saw ''Time'' as important but also fun, which accounted for its heavy coverage of celebrities and politicians, the entertainment industry, and pop culture, criticizing it as too light for serious news.

''Time'' set out to tell the news through people, and until the late 1960s, the magazine's cover depicted a single person. More recently, ''Time'' has incorporated "People of the Year" issues, which have grown in popularity over the years. The first issue of ''Time'' featured [[Joseph Gurney Cannon|Joseph G. Cannon]], the retired [[Speaker of the United States House of Representatives|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 magazine's issue from February 28, 1938, in commemoration of its 15th anniversary.<ref>{{cite web |url=http://www.brycezabel.com/instanthistory/2006/03/time_magazine_f.html |title=TIME MAGAZINE: First Issue, March 3, 1923 |work=Instant History |publisher=Bryce Zabel.com |date=March 2, 2006 |access-date=January 26, 2014 |archive-date=June 24, 2013 |archive-url=https://web.archive.org/web/20130624132548/http://www.brycezabel.com/instanthistory/2006/03/time_magazine_f.html |url-status=dead }}</ref> The cover price was 15¢ (equivalent to ${{Inflation|US|0.15|1923|r=2|fmt=c}} in {{Inflation-year|US}}).

Following Hadden's death in 1929, Luce became the dominant man at ''Time'' and a significant 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]]&nbsp;... 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 (magazine)|Life]]'', for many years president of Time Inc., and in the long history of the corporation the most influential and important figure after Luce".{{citation needed|date=May 2015}}

Around the time, they were raising $100,000 from wealthy [[Yale University]] alumni, including 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. Larsen was a [[Harvard University]] 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 Pictures|RKO]] stock he had inherited from his father, who was the head of the [[Benjamin Franklin Keith]] theater chain in [[New England]]. However, after Briton Hadden's death, the largest Time, Inc. stockholder was Henry Luce, who ruled 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 vice president. J. P. Morgan retained a certain control through two directorates and a share of stocks, both over ''Time'' and ''[[Fortune (magazine)|Fortune]]''. Other shareholders were [[Brown Brothers Harriman & Co.]], and the New York Trust Company ([[Standard Oil]]).{{citation needed|date=May 2015}}

After ''Time'' began publishing weekly in March 1923, Roy Larsen increased its circulation by using U.S. radio and movie theaters worldwide. 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 by broadcasting 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&nbsp;... which was originally broadcast over 33 stations throughout the United States".{{citation needed|date=May 2015}}

Larsen next arranged for the 30-minute radio program ''[[The March of Time]]'' to be broadcast over [[CBS]] beginning on March 6, 1931. Each week, the program presented a dramatization 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 increased circulation 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&nbsp;– except between 1939 and 1941, when it was not aired. ''[[People (magazine)|People]]'' magazine was based on ''Time''{{'s}} "People" page.

Time Inc. stock owned by Luce at the time of his death was worth about $109&nbsp;million {{USDCY|109000000|1967}}, and it had been yielding him a yearly dividend of more than $2.4&nbsp;million {{USDCY|2400000|1967}}, according to Curtis Prendergast's ''The World of Time Inc.: The Intimate History of a Changing Enterprise 1957–1983''. The Larsen family's Time Inc. stock was worth around $80&nbsp;million during the 1960s. Roy Larsen was both a Time Inc. director and the chairman of its executive committee, later serving as Time Inc.'s board's vice chairman until the middle of 1979. On September 10, 1979, ''[[The New York Times]]'' wrote, "Mr. Larsen was the only employee in the company's history given an exemption from its policy of mandatory retirement at age 65."

In 1987, [[Jason McManus]] succeeded [[Henry Grunwald (editor)|Henry Grunwald]] as editor-in-chief,<ref>{{cite news|url=https://archive.fortune.com/magazines/fortune/fortune_archive/1995/01/16/201800/index.htm|date=January 16, 1995|title=In the Shoes of Henry R. Luce|first=Gerald M.|last=Levin|magazine=Fortune|access-date=April 7, 2020|language=en-US|archive-date=April 7, 2020|archive-url=https://web.archive.org/web/20200407211901/https://archive.fortune.com/magazines/fortune/fortune_archive/1995/01/16/201800/index.htm|url-status=dead }}</ref> and oversaw the transition before [[Norman Pearlstine]] succeeded him in 1995.

In 1989, when Time, Inc. and Warner Communications merged, ''Time'' became part of [[Time Warner]], along with [[Warner Bros.]]