Time Magazine Sold to Salesforce Founder Marc Benioff for $190 Million
17 September, 2018, 12:57 | Author: Brooke Harris
Another billionaire tech CEO is buying a prestigious print publication.
CEO Marc Benioff and his wife Lynne Benioff are buying the Time magazine for $ 190 million from Meredith Corp.
"On behalf of the entire TIME team, we are very excited to begin this next chapter in our history", said TIME editor-in-chief Edward Felsenthal.
Lynne Benioff and Marc Benioff attend GLAAD Gala San Francisco 2016 on September 8, 2016 in San Francisco, California.
"From the first moments we sat down with Marc and Lynne to discuss Time's future, we knew that this was not just a meeting of minds and business goals, it was a confluence of objective", Felsenthal said.
The prospective sale is expected to close within 30 days.
It is a transaction reminiscent of Mr Bezos's US$250 million acquisition of the Washington Post in 2013.
Amazon's Bezos on a 1999 Time cover.
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The Benioffs are optimistic about Time's large audience and growing video business.
"As nearly everyone knows, Time is a treasure trove of our history and culture", he said in an email message to CNN on Sunday night.
They also told the newspaper that they won't have any day-to-day influence over the magazine's operations, nor will they have any journalistic input. We have deep respect for their organization & honored to be stewards of this iconic brand.
The fastest growing enterprise company of all time has taken a different path to the top.
Felsenthal in a note to staffers said the Benioffs have asked Time to "think big" and to consider what it will look like in 2040. They also plan to keep Time's current leadership team in charge. "What will it mean to people decades from now?"
Meredith bought Time magazine and the rest of Time Inc. last November. The company promptly said it would sell some titles that were not a great fit with its existing titles, including Time.
The media conglomerate said it plans to use the money from the sale to pay down debt, with the goal of cutting its debt by $1 billion during the upcoming fiscal year.
Meredith has reached a "multi-year" agreement with the Benioffs "to provide services such as consumer marketing, subscription fulfilment, paper purchasing and printing", it said.
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