After failing with new licenses and computer games,
Judges Guild instead started over on its magazines beginning with
Pegasus #1 (April/May 1981), edited by Mike Reagan. The first issue was 96 pages and larger than the previous magazines from Judges Guild, but going back to the older pulp-quality pages and covers. The first issue contained a 36-page installment about the city-state campaign titled "The Black Ring" by Dan Hauffe. Members of the Guild received a
Pegasus subscription, adding a 10% discount on certain products highlighted in each issue as of issue #3 (1981).
Pegasus in its run included articles for
D&D,
Arduin Grimoire,
Champions,
The Fantasy Trip,
The Morrow Project,
RuneQuest,
Skull & Crossbones,
Stormbringer,
Traveller,
Tunnels & Trolls,
Villains and Vigilantes, and
Ysgarth. The staff of
Pegasus changed frequently; Chuck Anshell came back as editor on issue #3 (1981) but Edward Mortimer replaced him in issue #5 (December 1981), while Mark Holmer took over with issue #9 (August/September 1982), and Mike Maddin replaced him for issue #12 (February/March 1983). Judges Guild sent
Pegasus #13 to the printers, but that issue apparently disappeared and was not published before Judges Guild stopped publication altogether. ==Reception==