Time Inc. will shutter Life magazine after the insert's April 20, 2007 edition, and continue the brand online as a photography portal. Life was not doing well, down 9.2% in advertising revenue and 21.3% in ad pages through February, according to the Publishers Information Bureau. It was the third incarnation, having first launched in 1936 (lasting until '72) and again in 1978 as a monthly (until 2000). The current Life was relaunched in October 2004. Some 42 lost their jobs — 15 on the edit side, though several high-end executives were spared. FBNY: Time Inc. CEO Ann Moore's memo to staff.