Time Magazine's first issue was published on March 3, 1923, by a man named Briton Hadden. It was published to in quote, keep "busy news boys" up to date on news and entertainment. The evolution of Time Magazine has continued to expand over the past 80 plus years that it has been running.
There is also Time Europe, which publishes from London and covers the Middle East, Africa, and recently Latin America in 2003. The publication of Time Magazine was the first printed reading material that provided weekly news.
The first issue published featured speaker Joseph G. Cannon.
Links:
http://www.time.com/time/archive/collections/0,21428,c_time_history,00.shtml
http://en.wikipedia.org/wiki/Time_%28magazine%29

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