Time Inc. decided to drop Picture Week magazine.

The company conducted a second market study of the magazine and decided to close down the publication because of weakness in the national advertising market and economic uncertainty. Henry Grunwald, editor-in-chief of Time, said he felt that “it would be unwise to invest more than $100 million in the launch of a major weekly.” Time had spent $30 million over the past two years in developing the magazine and in testing it in selected cities.