Time Magazine - Research Paper Example

Hadden co-founded Time Magazine after they worked together on the Yale Daily News in Yale but the death of Britton Hadden in 1929 saw Luce’s name becoming the most dominant name in 20th century American as the Time Magazine grew to be one of the most successful magazines in American history. The first Time Magazine publication came out on March 3, 1923 as Vol. 1 Number 1. The difference between the first Time Magazine publication and what has been the distinguishing feature of Time Magazine was the lack of the classic red border.

The cover of the first Time Magazine publication featured John G. Cannon, an 86 year old retiring member of congress who had served 23 times in the House of Representatives. The main reason given for the cover having Cannon was that it represented the main aim of Time Magazine of speaking to the readers through people. The aim of the founders was to create a magazine that informs busy readers in United States and the rest of the world on current events in a systematic, organized, and concise manner.

After its incorporation in 1922 by Henry Luce and Briton Hadden and the first publication in 1923, Luce purchased Life Magazine in 1936 and made it a photojournalism publication. The company began trading in the New York stock exchange in 1964. At the passing of Luce in 1967, Time Magazine was worth $ 109 million dollars and the development and growth of Time Magazine continued. In 1972, Time and Chuck Dolan launched Home Box Office (HBO) that has grown over the years to rack in almost $5 billion in revenue and 100 million subscribers.

In 1989, Time merged with Warner Communications forming a company with $ 10 billion annual revenue and valued at $ 15 billion dollars. 1995 saw the purchasing of Turner Broadcasting system by Time but in 2000 Time merged with AOL in the biggest merger and acquisition deal ever. Time magazine had a disastrous association with AOL that led to an investigation into its accounts leading to the ditching of AOL