Time Magazine is a weekly news magazine, roughly similar to Newsweek, and U.S. News and World Report.
But time preceded either of its major competitors, vitually inventing the weekly news magazine. Time was founded by Henry Luce, a major figure in the history of the 20th century media.
Time even had its own writing style, parodied by Wolcott Gibbs this way: "Backward ran sentences until reeled the mind. Where it would end, knows God."