Time (styled on its cover in all caps as TIME) is an American weekly news magazine published in New York City. It was founded in 1923 and for decades was dominated by Henry Luce, who built a highly profitable stable of magazines. A European edition (Time Europe, formerly known as Time Atlantic) is published in London and also covers the Middle East, Africa and, since 2003, Latin America. An Asian edition (Time Asia) is based in Hong Kong. The South Pacific edition, which covers Australia, New Zealand, and the Pacific Islands, is based in Sydney, Australia. In December 2008, Time discontinued publishing a Canadian advertiser edition. Time has the world’s largest circulation for a weekly news magazine, and has a readership of 25 million, 20 million of which are based in the United States. Richard Stengel was the managing editor from May 2006 to October 2013, when he joined the U.S. State Department. Nancy Gibbs has been the managing editor since October 2013.