According to reports, Time is to revive the iconic title, four years after it closed, as a weekly supplement with US newspapers including the New York Daily News, Chicago Tribune and Los Angeles Times. It will come out on Fridays with a circulation of between 10m and 12m copies.
The magazine closed after 64 years, having been founded by Time Inc's Henry Luce in 1936. Since then, Time has continued with the brand, publishing special editions to commemorate events including the 9/11 terror attacks, as well as books of photographs from its collection.
Bill Shapiro, managing editor of Time's custom publishing division, is to work with Andy Blau, general manager of Time and head of the Life development team, and Peter Bauer, who has left his job of president of People magazine to join the team.
Norman Pearlstine, editor-in-chief of Time Inc, said: "We want to have our best talent involved in development, which is why we've chosen Bill for the role. He's a gifted and experienced editor whose skill, expertise and energy qualify him as a genuine magazine maker."
Shapiro worked on the team that developed the new women's magazine All You, due to be published for the first time in September.
During its long history, pictures in Life charted the momentous events of the 20th century including World War II and the moon landings.
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