Time Warner's Time Inc. pulled the plug on its photography magazine insert LIFE magazine on March 26. The New York-based company will cease publication of LIFE next month, blaming the usual problems plaguing print publications: the downturn of print advertising. LIFE has had several reincarnations since its its acquisition by Time in 1936, developing into an iconic weekly magazine known for capturing award-winning photos of a period's most important and intriguing people as well as the events that defined a time. It ended as an insert to Sunday daily newspapers. The closure highlights the fact that media publishing companies are shifting their resources to the more lucrative online world. A recent survey said that online advertising rose 34% in 2006 with revenue rising to an estimated $16.8 billion from $12.5 billion compared to 2005, according to The Interactive Advertising Bureau and PricewaterhouseCoopers. Time may resurrect LIFE on the Internet as a collection of the magazine's 10 million photographs, but reportedly has no immediate plans to do so.— Gerald Magpily
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