I looked at issue 234 of top gear magazine. The front cover is made dominated by a big picture of a Ferrari F12 and an Aston Martin One-77. The masthead is in the Top Gear font and above that is the BBC logo on the left and an inside quote filling the rest of the top strip. On the left, the big stories (coverlines) of the 2 cars are displayed and at the bottom there is a slightly diagonal strip that gives an idea about a couple of other stories to expect inside. On the bottom right is the bar code, dateline and price.
The big picture is there to catch people's attention and give the theme of the magazine. The top gear logo is well known and the big, iconic masthead will definitely draw in an audience it is also at the top of the page so that it can be seen in the stacking of magazines. The BBC logo is simply to show that it's a BBC magazine and the quote is there to give an insight to the celebrity story in the magazine (in this case, about Jeremy Clarkson). The coverlines are there to give an insight on the magazine's content and are normally on the left, also due to the way the magazines are stacked.