Sunday, 16 December, 2018

Time Magazine Being Sold to Salesforce CEO Marc Benioff, Wife

Meredith Corp. agrees to sell Time Magazine for $190M Getty Images
Laurie Berry | 17 September, 2018, 12:57

Just eight months after Better Homes & Gardens publisher Meredith Corp. bought the 95-year-old news book, Salesforce.com co-founder Marc Benioff and his wife Lynne Benioff are acquiring it for $190 million, according to a Wall Street Journal report.

Benioff has said that Time is a company that has a "tremendous impact on the world", and is also an "incredibly strong business".

Mr Benioff - who is chairman, co-chief executive and co-founder of the cloud computing firm Salesforce.com - said that he and his wife have deep respect for the organisation and its iconic brand.

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. Felsenthal informed staffers that they were fortunate to have Marc and Lynn guidance and mentorship to build a new company.

"The power of Time has always been in its unique storytelling of the people & issues that affect us all & connect us all", Marc Benioff wrote on Twitter.

The Benioffs take over the publication at an uncertain time for print media.

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Ford is a clinical psychology professor at Palo Alto University who teaches in a consortium with Stanford University. Shortly after Feinstein's statement was released, White House spokesperson Kerri Kupec criticized the timing.

In his memo to staffers, Felsenthal said the Benioffs have urged them to "think big, really big". Beyond the five-year plan, what will TIME look like in 2040? "We thank the TIME team for its ongoing hard work and passionate commitment".

By snatching up Time, Marc Benioff joins another big boss of the tech industry, Amazon's Jeff Bezos, who owns the prestigious Washington Post newspaper. The company promptly turned around and said it would sell some titles that were not a great fit with its existing titles, including Time.

Meredith is still working on selling three other former Time Inc. titles: Fortune, Money, and Sports Illustrated.

Meredith plans to use proceeds from the transaction to pay down debt.

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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