The first issue of Pegasus magazine arrived in April and May of 1981 as a desperate gamble by Judges Guild to reinvent itself after a string of commercial failures in computer games and new licensing deals. This 96-page behemoth was not merely a periodical but a massive 32-page game supplement disguised as a magazine, featuring a sprawling city-state campaign called The Black Ring written by Dan Hauffe. The publication marked a deliberate return to the gritty, pulp-quality paper and covers of the company's earliest days, rejecting the slicker production values of its recent past. Mike Reagan served as the initial editor, tasked with breathing life into a brand that had lost its momentum, while the magazine promised to be a lifeline for a community of gamers hungry for new content. The very existence of this publication was a testament to the resilience of the roleplaying game industry, which was still in its infancy and relied heavily on small publishers to keep the creative engine running.
A Rotating Editorial Staff
The editorial leadership of Pegasus proved to be as unstable as the fantasy worlds it described, with a revolving door of editors unable to maintain a consistent vision for the publication. Chuck Anshell returned to the role for issue number three in 1981, only to be replaced by Edward Mortimer by the fifth issue in December of that same year. Mark Holmer took the helm for issue number nine in August and September of 1982, but his tenure was short-lived, ending when Mike Maddin took over for issue number twelve in February and March of 1983. This constant churn of leadership likely contributed to the magazine's inability to find a stable footing, as each editor brought a different set of priorities and relationships to the table. The staff changes reflected the broader instability of the small press gaming industry, where talent was scarce and the financial margins were razor-thin. Despite these personnel shifts, the magazine managed to cover a vast array of systems, including D&D, Arduin Grimoire, Champions, The Fantasy Trip, The Morrow Project, RuneQuest, Skull & Crossbones, Stormbringer, Traveller, Tunnels & Trolls, Villains and Vigilantes, and Ysgarth.The Black Ring Campaign
At the heart of the inaugural issue lay a 36-page installment about a city-state campaign titled The Black Ring, which served as the primary selling point for the magazine's unique format. Dan Hauffe crafted this substantial supplement to provide a ready-to-play adventure that could anchor the interests of the readership, distinguishing Pegasus from standard hobby magazines that relied solely on articles and reviews. The supplement included statistics for new magic and monsters, offering practical tools for gamemasters who needed to expand their campaigns without waiting for official releases from major publishers. This approach of bundling a full game supplement with the magazine was innovative for the time, as it provided tangible value that justified the subscription cost for many hobbyists. The Black Ring installment demonstrated the potential for magazines to serve as more than just news sources, acting instead as active participants in the creation of game worlds. The success of this format encouraged other publishers to experiment with similar models, though few managed to replicate the depth of content found in the early issues of Pegasus.