Sir James Goldsmith had a go at reviving it in 1979 but (the original) Now magazine proved to be a relatively short-lived venture.
"Now!, a weekly news magazine, launched by Cavenham Communications, controlled by Sir James Goldsmith. Hit 410,000 sales before closing in 1981 with losses of £6m" (from Magforum.com)
Then came The Week, founded in 1995 and later financed by Felix Dennis. The Week has turned out to be a publishing phenomenon - the right form and format at the right time.
It makes a perfect read-on-the-train purchase (along with Private Eye) and gives its readers a feelgood sense of keeping up with world affairs without ramming it down their throats. Part of its appeal is its defiant non-glossiness.
Now the Independent on Sunday is about to turn a large part of itself into a magazine format news weekly, according to this well sourced story in Press Gazette.
Students of irony might like to bathe in this completion of the circle of history and it just might work, but let's not forget that The Week is available every day of the week and the IoS is available on only one.
Have a look: The Week
History: Time magazine on Picture Post