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Time closes three magazines

HONG KONG - AOL Time Warner has closed three magazines including Asiaweek magazine, which is to be closed with the loss of all of the news weekly's 80 staff, and On Magazine in the US.

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Consumer technology title On Magazine, formerly known as Time Digital, is seen as the most significant closure. On Magazine has a circulation of 1.5m in the US and until recently was distributed free with Time magazine and AOL subscriptions. Also being closed is Family Life, which is published by Time's parenting group.

The moves have been under discussion for a number of weeks and the titles are the latest victims of the downturn in advertising revenue.

In a statement Norman Pearlstine, Time Inc Editor-in-Chief, said:"No one could have predicted the downturn in the advertising market would be this brutal."

The closure of Asiaweek, the Asian version of Newsweek, will likely come as a shock. The magazine only relaunched earlier this year with a new masthead and cover.

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