Just in: Time Inc. announced today that is is shuttering Life, the weekend magazine newspaper insert that trades in ultra-thin paper stock and celebrity interviews. According to a Time Inc. spokesperson, 42 lost their jobs — 15 on the edit side. Spared: Managing editor Bill Shapiro, executive editor Maggie Murphy, president Andy Blau and publisher Peter Bauer, who will all stay with Time Inc. in yet to be determined positions.

It was not doing well, down 9.2% in advertising revenue and 21.3% in ad pages through February, according to the Publishers Information Bureau. The April 20 issue will be the magazine's last. It was the third incarnation, having first launched as a weekly in 1936 (until '72) and again in 1978 as a monthly (until 2000). The current Life was relaunched in October 2004.

In what's becoming a familiar spin for magazine company's in announcing shuttering titles, Time Inc. says it will shift what's left of Life online, with plans to launch "a major portal to put its entire collection of 10 million images online ... made available to the public for personal use at no cost."

Time Inc. CEO Ann Moore's statement: "Life magazine was a truly innovative publishing venture. It was developed, edited and published by some of the best talent in the business and we can remain proud of its many achievements. But sometimes we have to make tough calls, and this was one. Growth requires taking risks and the potential upside was huge, but unfortunately the timing worked against us. The market has moved dramatically since October 2004 and it is no longer appropriate to continue publication of Life as a newspaper supplement."