Salesforce Founder Marc Benioff to Buy TIME, Following Jeff Bezos Into Publishing

Devin Lawrence
September 17, 2018

Salesforce founder and co-CEO Marc Benioff and his wife, Lynne Benioff, on Sunday announced plans to purchase Time Magazine from Meredith Corporation for $190 million in cash.

The company said the Benioffs' acquisition of the magazine would be a personal purchase and would not be connected to Salesforce.com, where Marc Benioff is the founder and co-chief executive.

The transaction is subject to customary closing conditions and regulatory approval and is expected to close within 30 days. He added that for over 90 years, Time magazine has been covering and bringing to the world the most significant events, shaping the global conversation. Time claims a combined audience of more than 100 million readers in print and online, including over 50 million digital visitors.

By snatching up Time, Marc Benioff joins several other billionaires who have purchased storied publications, including Amazon's Jeff Bezos, the world's wealthiest person, who bought the prestigious Washington Post newspaper in 2013.

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The Benioffs will not be involved in the day-to-day operations or journalistic decisions, which will continue to be led by TIME's current executive leadership team. "Meredith will also be able to include the Time brand in large corporate advertising buys". "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.

Meredith, known for publications such as Better Homes & Gardens, acquired Time as part of its $1.8 billion takeover of Time Inc.in January. The company expects to announce agreements for these sales "in the near future".

Meredith is also working on selling three other former Time Inc. titles: Fortune, Money, and Sports Illustrated. Now, Benioff is promising a similar arrangement with Time. The two had first worked together on the Yale Daily News. Meredith plans to use proceeds from the transaction to pay down debt, it said in a statement.

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