Salesforce co-founder Benioff buys Time Magazine for $190 million
17 September, 2018, 09:57 | Author: Eric Barnett
"Beyond the five-year plan, what will TIME look like in 2040?"
Salesforce.com chief Marc Benioff and his wife Lynne, will buy storied USA news magazine Time for $190 million, a company statement said Sunday.
Marc Benioff, co-founder of the cloud computing company Salesforce.com, and his wife Lynn Benioff are purchasing the publication, they confirmed to the Journal. In an interview with the Journal, Benioff said he and his wife were investing "in a company with tremendous impact on the world, one that is also an incredibly strong business".
Salesforce CEO Marc Benioff has agreed to purchase Time magazine for $190 million.
The sale comes only eight months after Meredith has nabbed the 95-year old publication. Mr Benioff will gain an additional platform with Time, despite his distance from editorial decision-making. Those decisions will continue to be made by Time's current executive leadership team, the announcement said. "We have deep respect for their organization & honored to be stewards of this iconic brand", he added.
Print advertising is on the decline and Time cut circulation down from 3 million to 2.3 million earlier this year, according to the Alliance for Audited Media.
"Time has been at the forefront of the most significant events and impactful stories that shape our global conversation", Meredith CEO Tom Harty said.
Meredith management has said that it's selling Fortune, Sports Illustrated and Time because they have different audiences and advertisers than most of its other magazines - a collection that focuses on entertainment, food, lifestyle, home, parenting, beauty and fashion. Amazon founder Jeff Bezos' purchase of the WashingtonPost has proved remarkably successful, while former Facebook exec Chris Hughes had a rockier time with his brief ownership of The New Republic.
Time, started by Yale University graduates Henry Luce and Briton Hadden, first went on sale in March 1923.
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