A European edition (Time Europe, formerly known as Time Atlantic) is published in London and also covers the Middle East, Africa and, since 2003, Latin America. An Asian edition (Time Asia) is based in Hong Kong. The South Pacific edition, which covers Australia, New Zealand and the Pacific Islands, is based in Sydney. In December 2008, Time discontinued publishing a Canadian advertiser edition.
Time has the world's largest circulation for a weekly news magazine, and has a readership of 26 million, 20 million of which are based in the United States.
Richard Stengel was the managing editor from May 2006 to October 2013, when he joined the U.S. State Department. Nancy Gibbs was the managing editor from September 2013 until September 2017. She was succeeded by Edward Felsenthal, who had been Time's digital editor.
Time magazine was created in 1923 by Briton Hadden and Henry Luce, making it the first weekly news magazine in the United States. The two had previously worked 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". Hadden was considered carefree and liked to tease Luce and saw Time as important but also fun, which accounted for its heavy coverage of celebrities (including politicians), the entertainment industry, and pop culture—criticized as too light for serious news.