In "Untimely," her essay in the April 19 New Yorker, Jill Lepore writes about the decades-long spat between the founders of Time and The New Yorker, Henry Luce and Harold Ross. Luce and his Yale classmate Briton Hadden started Time in 1923, but not before dithering about the magazine's name:
Luce and Hadden thought about calling their magazine Destiny, which hints at the size of their dream. They also tried out What’s What, and for a long time they called it Facts. What Time became is lavishly celebrated in “Time: The Illustrated History of the World’s Most Influential Magazine” (Rizzoli; $50), by Norberto Angeletti and Alberto Oliva. Luce came up with the name after a late-night subway ride, during which he found himself staring at an advertisement that read “Time for a Change.” “That’s it,” Hadden said. “Time” was perfect, since the magazine’s strategy was twofold: it would be a history of our time, chronicling the events of the day, and it would save readers time.
(In 1930, Luce launched Fortune. He had wanted to call it Modern Business, but after the 1929 stock-market crash, Lepore writes, he changed the name "to something that allowed for twists of fate.")
Hadden was Time's first editor; Luce ran the business side: