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The former name of Times Square was indeed Longacre Square. This name change occurred in the early 20th century when the subway station was being constructed nearby, which increased the area's relevance and accessibility. The renaming to Times Square took place in 1904 when The New York Times moved its headquarters to the area and began promoting its new location, effectively establishing the location as a bustling hub of activity.

The significance of the name change reflects the desire to brand the area with a more prominent identity associated with the newspaper. This transformation marked the beginning of Times Square's evolution into a major commercial and entertainment center in New York City, which is recognized today for its bright lights, theaters, and tourist attractions.