Published: Mon, September 17, 2018
Money | By Armando Alvarado

Time Magazine Sold to Salesforce Founder Marc Benioff for $190 Million

Time Magazine Sold to Salesforce Founder Marc Benioff for $190 Million

Benioff, who is one of the four co-founders of the cloud computing pioneer, is personally purchasing Time from Meredith Corp., and the transaction is unrelated to Salesforce.com, the announcement said.

In a press release, the Iowa-based publisher of magazines such as Better Homes & Gardens, People and InStyle said the sale is expected to close within 30 days.

He added that Time is the only magazine they are planning to purchase from Meredith. "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.

Time magazine is being sold - again. But it continues to reach a total of more than 100 million readers in print and online. Amazon founder Jeff Bezos' purchase of the Washington Post has proved remarkably successful, while former Facebook exec Chris Hughes had a rockier time with his brief ownership of The New Republic.

Through the deal with Benioff, Meredith will still provide "services such as consumer marketing, subscription fulfillment, paper purchasing and printing", according to the company.

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Meredith acquired Time in a deal valued at $2.8 billion as part of its purchase of Time Inc in January, shortly after which announced it was selling Time Inc's news and sports brands. "That's what we're looking for when we invest as a family".

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.

In addition to shedding Time, Meredith is also attempting to sell Fortune, Money and Sports Illustrated in a move aimed to focus on female-centered audiences.

Meredith confirmed the sale plans back in March.

Sharing the objective, Benioff in an interview with The Wall Street Journal, said that they were investing the company with tremendous impact on the world. A Meredith spokeswoman said in media reports that deals for the other three titles are expected to be announced in the "near future".

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