There is a school of thought in the UK which says that news magazines like Time or Newsweek do not work here. The last successful title in this genre, or the one always cited, was Picture Post. Sir James Goldsmith had a go with Now (no relation to the current real life/celeb Now! ) but for one reason or another it did not last long.
However, there is a distinct trend here to publish very specialist newspapers which are, in all but categorisation, magazines. The latest example is the League Paper, from the same stable as The Non-League Paper.
What I say to Greenways Media is, 'Gentlemen, you are magazine publishers. You are maintaining the tradition of news magazines. Be proud. Accept your destiny.'