From E&P: Time Inc. announced today that it's pulling the plug on the last incarnation of Life, following a 9.2% drop in advertising revenue and 21.3% tumble in ad pages through February. The magazine, which is reportedly carried in 103 newspapers with a total circulation of 13 million, will run its final issue on April 20, 2007. The legendary photojournalism title first launched in 1936 and ran as a weekly until 1972 when it closed its doors until re-emerging as a monthly in 1978 (and then folding again in 2000). The current version was relaunched in October 2004 as a weekend magazine newspaper insert. No surprise, Time Inc. reportedly has plans to shift what's left of the mag online, placing its collection of 10 million iconic images on the internet for free public access, and maintaining its name on books and other brand items.