 Nightly discussions of the concept of a news magazine led its founders Henry Luce and Briton Hadden, both age 23, to quit their jobs in 1922.Later that same year, they formed Time Inc. Having raised $86,000 of a $100,000 goal, the first issue of "Time" was published on March 3, 1923, as the first weekly news magazine in the United States.Luce served as business manager while Hadden was editor-in-chief.