It is indeed a nice idea. Magazines are always better than e-zines & newsletters no matter how advanced we are in ICT. The arguement that many posted before is very logical. Other than time and money I'll add these questions for answers.
Who will follow it up?
Who will advertise it?
What distribution channels are we going to take? (Coffee Shops, Record Stores, Libraries, Waiting lounges, etc...)
Who will handle the legal and government registrations and taxes?
How much are we going to charge? Or is it for free?
and the list goes on
I dont want to slam doors but you realize now the magnitude you are suggesting. It is possible but its tough
As for sponsors yeah if we start this project we cannot but have sponsors helping us out. There are many available sponsors but it is also a challenging task to convince them.