A Letter From the Publisher: Jul. 21, 1986

This week TIME embarks on an unprecedented joint publishing venture called TIME AUSTRALIA. The new magazine will replace the international edition of TIME that has been edited in New York City and printed in Melbourne. Our partner is John Fairfax & Sons, which publishes the Sydney Morning Herald and is the largest newspaper and magazine company in the country. TIME AUSTRALIA will be owned equally by the two companies and will use TIME's worldwide newsgathering resources and Fairfax's 145 years of Australian publishing experience.

Says TIME Senior Editor Donald Morrison, who will help coordinate the Australian-American effort: "We are embarking on...