Time (styled within the magazine 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. Time has the world's largest circulation for a weekly news magazine, and has a readership of 26 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.