Time Inc. to Close Life (posted 3/26)

Life, the once iconic picture magazine, will close and become a Web-only product, the magazine's parent company Time Inc. said Monday. The company is in the process of digitizing the magazine's 12 million photos and 2,200 issues, said Time Inc.'s executive vice president John Squires, speaking to members of the media at a digital press event held at the Time & Life Building in New York. "We are extremely excited about the future of Life and we are going to continue to grow this great brand," he said.

Squires said the magazine, which became a newspaper insert in 2004, has been suffering from "pretty significant" print advertising problems. "It's a very sad day for our colleagues over at Life," he said. "And we're going to do everything we can to place those people in other parts of our business."

Time is laying off 15 editorial workers and 27 in its business department in connection with the shutdown, spokeswoman Dawn Bridges told Reuters. For more on the closing of Life, click here.

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