It was once an empire. Now it is being sold for parts.
Time Inc. began, in 1922, with a simple but revolutionary idea hatched by Henry R. Luce and Briton Hadden. The two men, graduates of Yale University, were rookie reporters at The Baltimore News when they drew up a prospectus for something called a “news magazine.” After raising $86,000, Mr. Hadden and Mr. Luce quit their jobs. On March 3, 1923, they published the first issue of Time: The Weekly News-Magazine.
Källa: The Last Days of Time Inc.
