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Media TIME Magazine

Time Magazine changes hands as Salesforce co-founder Marc Benioff steps in with $190m

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By John Glenday, Reporter

September 17, 2018 | 2 min read

The musical chair-style ownership carousel of Time Magazine ownership continues to turn with Salesforce co-founder Marc Benioff emerging as the latest owner of the publishing grandee, just eight months after the wider business was purchased by Meredith Corp for $1.85bn.

Time Magazine changes hands as Salesforce co-founder Marc Benioff steps in with $190m

Benioff has stepped in with a $190m offer for the title in partnership with his wife, Lynne / Time Inc

Benioff has stepped in with a $190m offer for the title in partnership with his wife, Lynne, in a personal deal detached from Salesforce.com where he remains as chairman and co-chief executive.

Outlining his thinking behind the move Marc Benioff said: “We’re investing in a company with tremendous impact on the world, one that is also an incredibly strong business. That’s what we’re looking for when we invest as a family.”

Lynne Benioff added: “The power of Time is its unique story telling of the people and issues that affect us all and connect us all.”

The Benioff family have been drawn to Time’s impressive audience and expanding video business but are also entering a challenging business environment of declining advertising and print sales in an increasingly digital world.

The pair have ruled out acquiring any other titles offered for sale by Meredith in March; including Fortune, Money and Sports Illustrated and have pledged not to interfere in day-to-day operations or editorial decision-making.

Media TIME Magazine

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