Wed, 19 Dec 2018

Salesforce co-founder buys Time Magazine for $190 million

By Sheetal Sukhija, US News
17 Sep 2018, 23:58 GMT+10

NEW YORK, U.S. - Eight months after being sold to the U.S. media group, Meredith Corporation, the iconic Time Magazine now has a new owner, again.

Meredith Corporation announced on Sunday that the magazine had been acquired by cloud computing firm, Salesforce billionaire Marc Benioff in a deal worth $190 million.

The company announced in a statement that the Salesforce co-founder Marc Benioff, and his wife were personally acquiring Time Magazine.

However, the U.S. media group pointed out in its statement that the Benioffs "will not be involved in the day-to-day operations or journalistic decisions."

Benioff, in a separate statement noted that he and his wife have deep respect for the organization and its iconic brand.

The chairman, co-chief executive and co-founder of Salesforce tweeted, "The power of Time has always been in its unique storytelling of the people and issues that affect us all, and connect us all."

According to Meredith Corporation, the deal awaits regulatory approval, but could close within a month.

In an official statement, Meredith president and CEO Tom Harty said, Were pleased to have found such passionate buyers in Marc and Lynne Benioff for the Time brand. For over 90 years, Time has been at the forefront of the most significant events and impactful stories that shape our global conversation.

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