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The Wall Street Journal reports that the iconic LIFE magazine is folding (for the 3rd time).

The unit of New York media conglomerate Time Warner Inc. said it will keep the Life brand going on the internet, where it will start a Web site with photos from its image collection, and by publishing books. The company cited the “decline in the newspaper business” and the poor advertising outlook as factors in its decision. ….. 15 editorial workers and 27 in Time’s business department will be laid off.

Last issue is on April 20.