This was one of a handful of efforts by Marvel to break into the funny-monsters magazine category that Cracked had already found limited success with for over a decade. The magazine consisted of still photos from classic Universal horrors with funny word balloons and captions pasted onto them.
Unfortunately, as brilliant a comics creator as 'Sinister' Stan Lee was, he was no gag man, and most of the ideas are either dated or just fall hopelessly flat. It didn't help that the first two issues were padded by having full-page photos; maybe this worked in Famous Monsters because fans wanted to study movie stills that they'd never seen before, but here it just made buyers feel cheated. After the third issue, it was allowed to die a natural, and deserved, death.