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Time Magazine's Person of the Year: Obama

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A 2008 issue of Time magazine features then-Senator Obama, Democratic National Convention, Denver, Aug. 25, 2008.

A 2008 issue of Time magazine features then-Senator Obama, Democratic National Convention, Denver, Aug. 25, 2008.

Time magazine has named U.S. President Barack Obama its "Person of the Year."

The magazine says president Obama's historic re-election was symbolic of the country's changing demographics. It also called him the "symbol and in some ways the architect of this new America."

This is the president's second time receiving the accolade; Obama, a Democrat and the first African-American U.S. president, was selected for the honor in 2008, after winning his first presidential election.

Time awarded a runner-up spot to Pakistani activist Malala Yousafzai. The teenager was shot in the head by Taliban militants earlier this year for standing up for girls' education. She survived the October attack.

Other finalists included Apple CEO Tim Cook, Egyptian President Mohamed Morsi and Italian scientist Fabiola Giannati.

Some information for this report was provided by AP, AFP and Reuters.

Related video report by Jim Malone

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