Time magazine sold for $190 million to tech couple

Time Magazine Sold to Salesforce CEO Marc Benioff and Wife Lynne

Time Magazine Sold to Salesforce CEO Marc Benioff and Wife Lynne

Billionaire Marc Benioff and his wife, Lynne, are buying Time magazine from the Meredith Corporation for $190 million, the company said in a news release Sunday. He added that Time's power was in its "unique storytelling of the people and issues that affect us all". (Meredith is still looking to sell Fortune, Money, and Sports Illustrated.) The sale is expected to close within 30 days. "Meredith will also be able to include the Time brand in large corporate advertising buys".

The deal, first reported by The Wall Street Journal, comes nearly eight months after Meredith finalized its purchase of Time Inc.

The Benioffs said they won't be involved in day-to-day operations or journalistic decisions at the magazine and plan to keep its current leadership team in charge.

Meredith management has said that it's selling some of the acquired titles 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.

Russia's RT risks new United Kingdom probe over Salisbury suspects interview
Petrov said he and Boshirov had flown to London for a short leisure break, with Salisbury always intended as a day trip. The men confirmed they visited Salisbury twice, on March 3 and 4.

"We are honored to be the caretakers of one of the world's most important media companies and iconic brands", said the Benioffs.

In a memo to the magazine's staff, Time's editor in chief, Edward Felsenthal, said he was "thrilled" with the news. Meredith expects to reduce its debt by US$1 billion during fiscal 2019. At a time when Mr Trump counts mainstream American media as his personal enemy, Mr Benioff has bought a high-profile outlet that has done many critical stories on the president since his election. 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.

"We can't imagine better stewards for TIME than Marc and Lynne Benioff".

A Meredith spokeswoman said deals for the other three titles are expected to be announced in the "near future".

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