It’s rather a case of institutions thinking that their gatekeeper status was a commercial asset to be exploited rather than something that had to be earned day by day. Time and Newsweek lost their must-read status for people interested in news more than two decades ago; is there still a decision-maker in the business, political or cultural world for whom reading either is a normal and necessary part of their weekly news diet?
The Economist stole the serious audience years ago. Time and Newsweek stopped mattering as news sources for important people and have been living off reputation and momentum for a very long time.
These publications have become case studies in a professional journalistic elite that lost touch with the needs and interests of its audience.