Eye Magazine was produced during 1968/69 by Hearst Corporation, a publisher which in more recent times has been responsible for some major name titles including Harper's Bazaar, Cosmopolitan, Esquire, ELLE and O, The Oprah Magazine.
The magazine was aimed at hip young rebellious teens of the late 60's. Just check out the list of articles on the front cover of the listed issue... "An underground press guide", "Grooviest unisex fashions", "Why your profs serve the war machine and not you", "How to buy a used sports car, beat I.Q. tests, and drop out with class..."
This may be considered rather hypocritical stuff coming from the company owned by fat-cat multi-millionaire William Randolph Hearst, the man who invented "yellow journalism", and was the inspiration for "Citizen Kane". Mind you, for a self-serving scumbag and shameless imperialist, he wasn't all bad. Check out his biography on Wikipedia for a more complete picture of William Randolph Hearst.
Eye Magazine (Vol. 1) ran monthly for ten issues from March to December 1968. Eye Magazine (Vol. 2) ran five issues from January to May 1969. Each issue of Volume One included a poster. Volume 2 #1 came with a free record, and Volume 2 #2 with a much-sought-after landscape format reprint of Amazing Spider-Man #42. The Spidey comic was the last freebie. The remaining three issues of Volume Two did not include any promotional items.
Note that the given $40 Near Mint estimated value is for the magazine alone. The mini-comic is generally worth another $60 or so in VF/NM condition.
The final point to mention is that this is an over-sized magazine. It is a whopping 10.5" x 13.5" format.