Salesforce founder purchases TIME magazine for US$190 million

Gladys Abbott
September 17, 2018

After Meredith Corp. nabbed Inc., the publisher has sold the magazine to Salesforce.com co-founder Marc Benioff and his wife Lynne Benioff for the handsome price of $190 million.

Speaking on the purchase of Time magazine by Salesforce.com Marc Benioff, Meredith president and CEO Tom Harty said that they are pleased to find such passionate buyers - Marc and Lynne Benioff - for the established brand.

Saleforce co-founder Marc Benioff, and his wife are purchasing Time Magazine for $190 million in cash. "The power of Time is its unique story telling of the people and issues that affect us all and connect us all", said Mrs. Benioff.

The Benioffs' purchase of Time will be kept separate from Salesforce, and the couple plans to take a hands-off approach to managing the magazine. The Washington Post was purchased by Amazon founder Jeff Bezos in 2013 for $250 million.

"Time has always been a trusted reflection of the state of the world, and reminds us that business is one of the greatest platforms for change".

The Benioffs will not be involved in operations or journalistic decisions, "which will continue to be led by TIME's current executive leadership team", the statement said.

More news: At least 4 dead as Florence hits Carolina coast

"We're investing in a company with tremendous impact on the world, one that is also an incredibly strong business", Benioff told The Journal.

Meredith, known for publications such as Better Homes & Gardens, acquired Time as part of its US$1.8 billion takeover of Time Inc.in January.

Meredith is also 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, it said in a statement.

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.

Meredith said on Sunday that deals for the other titles are expected in "the near future".

Other reports by LeisureTravelAid

Discuss This Article

FOLLOW OUR NEWSPAPER