Billionaire and co-founder of Salesforce.com, Marc Benioff – along with his wife, Lynne Benioff – are to buy Time Magazine for an estimated $190 million in cash, just eight months after it was sold to Meredith Corporation. The deal could close within one month, but it must first get regulatory approval.
The Benioffs, who are purchasing the magazine personally in a the deal unrelated to Salesforce, will not be involved in the day-to-day operations or journalistic decisions, which will continue to be led by TIME’s current executive leadership team.
Meredith completed its purchase of Time at the end of January 2018. Soon after its completion, Meredith said it was selling Time’s news and sports brands to focus on other brands that served its core target audience: American women.
Benioff recently tweeted, “The power of Time has always been in its unique storytelling of the people & issues that affect us all & connect us all. A treasure trove of our history & culture. We have deep respect for their organization & honored to be stewards of this iconic brand”.
Time Editor-in-Chief Edward Felsenthal said, “On behalf of the entire TIME team, we are very excited to begin this next chapter in our history. We can’t imagine better stewards for TIME than Marc and Lynne Benioff.”
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- Private equity group Epiris buys NME publisher Time UK Posted on February 26, 2018
- Meredith Corporation completes acquisition of Time Inc. Posted on January 31, 2018
- Essence Ventures acquires Essence Communications from Time Inc. Posted on January 3, 2018
- Meredith Corporation to acquire Time Inc. Posted on November 26, 2017
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