In 1936, Henry Luce, founder of Time Magazine and co-founder of Fortune Magazine, acquired LIFE, a large-scale humor and general interest magazine that had been published since 1883. Beginning in 1936, LIFE was transformed into a publication that contributed greatly to the rise of photojournalism. The cover of the first issue of LIFE’s new era carried Margaret Bourke-White’s photograph of Fort Peck Dam in Montana. The dam was finished in 1940 and began generating electricity three years later.