Asiaweek was an English-language news magazine focusing on Asia, published weekly by Asiaweek Limited, a subsidiary of Time Inc. Based in Hong Kong, it was established in 1975, and ceased publication with its 7 December 2001 issue due to a "downturn in the advertising market", according to Norman Pearlstine, editor in chief of Time Inc. The magazine had a circulation of 120,000 copies when it closed. The magazine was formerly associated with Yazhou Zhoukan (亞洲週刊), an international Chinese newsweekly, before Time Warner media acquired it. History Asiaweek was founded in 1975 by Michael O'Neill, a New Zealander, and T. J. S. George, an Indian, who had worked together at the Far Eastern Economic Review but had grown disenchanted with what they considered its ponderous style and perceived British stance. Asiaweeks mission statement said it all: "To report accurately and fairly the affairs of Asia in all spheres of human activity, to see the world from an Asian perspective, to be Asia's voice in the world." Among the publication's many contributions to an understanding of the Asia-Pacific Rim region was the annual Asiaweek Short Story Competition, which ran from 1981 to 1988. Prizewinning Asian Fiction (edited and introduced by Leon Comber) was eventually published in book form in 1991 by Times Editions, Singapore, and Hong Kong University Press In his foreword, Asiaweek Managing Editor Salmon Wayne Morrison wrote: "The competition cast a body of writing that had not been given publicity before." Asiaweek had only four editors during its 26 years period: co-founders T. J. S. George and Michael O'Neill, who conceived the magazine, Ann Morrison who succeeded O'Neill in 1994, and Dorinda Elliott, formerly Newsweek's Asia editor in Hong Kong, who took over in October 2000. The magazine had always moved with the times. As co-founder George wrote in an editorial statement in Asiaweeks first issue in December 1975: "Realities have changed, and so the values. It is now a new Asia, and this is a new magazine to report it." O'Neill was a founding Editor-in-Chief of Yazhou Zhoukan, which was launched by Asiaweek Limited in 1987, with Thomas Hon Wing Polin as its founding Managing Editor. In 1985, Time, Inc. (as it was then known) acquired 84% of Asiaweek, buying out Reader's Digest'''s 80% stake and 4% local interests. The remaining 16% was owned by Michael O'Neill. In 1994, Time ousted O'Neill and installed another editor, Ann Morrison, who