We’re big fans of magazines having a Tumblr presence, so we’re excited to announce that Time has joined the social networking site with not one, but two new blogs. The first — Time Lightbox — is a shortened version of the magazine’s Lightbox blog, and features fantastic photos gathered by Time’s photo editors.

The second, simply titled Time, will not only provide news, but also link to the extensive Time archives and give readers the story behind the story. In a memo, Jim Frederick, the Executive Editor of Time, said he believes it has a chance to be special.

“Since 1923 we’ve reported on world events and helped to create the first draft of history,” explained Frederick. “And somewhere along the way, Time has become a part of history, too. Time on Tumblr aims to be a digital scrapbook of this institution’s vintage work, its indelible cultural influence and our own anecdotes on the work we do.”

He also called upon Time staffers to submit material to the person behind the Tumblr — Allie Townsend — if they come upon anything notable.

Tumblr is a great way to extend a magazine’s brand. When it’s done right it can really bring a good amount of eyes to the title or a specific piece. We’re sure Time will get it and provide some worthwhile (and re-bloggable!) material.