Time Magazine Sold to Salesforce CEO Marc Benioff and Wife Lynne

Ivan Schwartz
September 17, 2018

Media giant Meredith Corporation has agreed to sell Time Magazine for $190 million, The Wall Street Journal reported Sunday.

The co-founder of Salesforce.com, Marc Benioff, and his wife are personally buying Time for $190m (£145.3m).

The prospective sale is expected to close within 30 days.

. According to industry insiders, Benioff's will not interfere in magazine's operations and journalistic or editorial decisions.

Despite those reassurances, there will surely be some scrutiny about a Silicon Valley CEO taking over Time, a magazine that frequently covers subjects like technology's impact on society. Five years ago Amazon CEO Jeff Bezos bought the Washington Post for $250 million and last year Laurene Powell Jobs, wife of the late Steve Jobs, took a majority stake in The Atlantic.

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

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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.

"The Benioffs will hold Time as a family investment", Time editor in chief Edward Felsenthal told staffers on Sunday night. Meredith is also the publisher of People and Better Homes & Gardens.

"Time has been at the forefront of the most significant events and impactful stories that shape our global conversation", Meredith CEO Tom Harty said. "We thank the TIME team for its ongoing hard work and passionate commitment".

It is expected Meredith will seek a buyer for its other news and sports brands - Sports Illustrated, Fortune, and Money - to focus on brands serving its core audience of American women. A Meredith spokeswoman said in media reports that deals for the other three titles are expected to be announced in the "near future". Meredith plans to use proceeds from the transaction to pay down debt, it said in a statement.

Other reports by GizPress

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