Create a Python program that outlines a library management system. Your program should utilize classes and objects to represent various elements within the library. Here are the specific requirements:

$-$Create Classes for Books, Magazines, and Printed Materials: Create a class for each with attributes such as title, author, publication year, availability status $($whether the item is available for borrowing or not$),$ genre for books, and issue number for magazines. Utilize class inheritance to ensure efficient code organization. Here, Printed Materials is the parent.

$-$Instantiate Printed Materials, Book and Magazine Objects: Create at least two instances of each class. Ensure that these instances have different attributes and availability statuses.

$-$Implement Methods: Implement methods within the Books, Magazines, and Printed Materials classes to perform the following actions:

check$\_$out$()$: This method should simulate the process of checking out a book, magazine, or printed material. It should update the availability status of the rented item to reflect that it is no longer available.

check$\_$in$()$: This method should simulate the process of returning a rented item. It should update the availability status of the item to reflect that it is available for borrowing again.

display$\_$info$()$: This method should display all the information about the item, including its title, author, publication year, availability status, and genre for books, and issue number for magazines.

$-$Test Your Program: Write code to test your program by performing various actions such as checking out books, returning books, and displaying book information.