Salesforce co-founder to buy Time magazine

Marc Benioff

"We're pleased to have found such passionate buyers in Marc and Lynne Benioff for the TIME brand", said Meredith president and CEO Tom Harty.

The venerable newsmagazine Time, a almost 100-year-old media institution, is about to have new owners - Marc Benioff, Salesforce chairman and co-CEO, and Lynne Benioff, his wife. The Time deal is slated to close in the next 30 days. Time claims a combined audience of more than 100 million readers in print and online, including over 50 million digital visitors. In an interview with The Wall Street Journal, Benioff said he and his wife were investing "in a company with tremendous impact on the world, one that is also an incredibly strong business".

Meredith took over the magazine and its sibling publications in Time Inc.in November. "That's what we are looking for when we invest as a family".

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.

The chairman and co-CEO and co-founder would not be involved in the day-to-day operations or journalistic decisions at Time. - instead, the decisions will continue to be made by Time's current executive leadership team, according to the announcement. A Meredith spokeswoman said in media reports that deals for the other three titles are expected to be announced in the "near future".

In a memo to the magazine's staff, Time's editor in chief, Edward Felsenthal, said he was "thrilled" with the news. Now, Benioff is promising a similar arrangement with Time.

"We can't imagine better stewards for TIME than Marc and Lynne Benioff". The two had first worked together on the Yale Daily News.

The media conglomerate said it plans to use the money from the sale to pay down debt, with the goal of cutting its debt by $1 billion during the upcoming fiscal year.

Related news:

Hot News

isis-killer-beheading-video-story-top Documents reveal Salisbury suspects have links to Russian defence ministry
Sep 17, 2018 - 15:01
They declined to give any other details about their lives, except to say they work in the nutritional supplements business. Ms Simonyan said: "They told me that if they found those pictures, they would send them to me on WhatsApp".

isis-killer-beheading-video-story-top Director shares first photo of Joaquin Phoenix in standalone 'Joker' film
Sep 17, 2018 - 14:56
So, it will be interesting to see how comic book fans react to what Todd Phillips and Phoenix are creating together. It will explore the life of a man destined to become Gotham City's Clown Prince of Crime.

isis-killer-beheading-video-story-top Week 2 Ups and Downs: Minnesota Vikings vs Green Bay Packers
Sep 17, 2018 - 14:42
It's a problem that no one can watch a replay of a catch and figure out if the play will be ruled complete or incomplete. But the bigger outcome of the game is that the roughing penalty has now become as heated of a debate as the catch rule.

isis-killer-beheading-video-story-top Flash flood fears as Florence grinds on
Sep 17, 2018 - 13:00
Forecasters say the center of the eye of Florence has made landfall near Wrightsville, North Carolina. The city was hit with a 105 miles per hour wind gust, the strongest wind recorded there since 1958.

isis-killer-beheading-video-story-top 2018 finalists Marseille drawn with Lazio, Frankfurt in Europa League
Sep 17, 2018 - 12:45
Brendan Rodgers' Celtic have been drawn alongside RB Leipzig and Salzburg - two clubs owned by energy drink firm Red Bull. Steven Gerrard's men overcame Shkupi, Osijek and Maribor, before seeing off Ufa in the play-offs.

isis-killer-beheading-video-story-top Gennady Golovkin promises war against 'clown' Canelo Alvarez after weigh-in drama
Sep 15, 2018 - 20:25
The panel of ringside judges scored the fight a draw, even though "GGG" looked the more active of the two fighters by a long yard. But both fighters say they are happy with the judges for the rematch, and doubt they will come into play anyway.

isis-killer-beheading-video-story-top David Luiz reveals he enjoys every bit of life under Maurizio Sarri
Sep 15, 2018 - 18:28
I made a great story there a long time ago and I hope they come back to the top. He has won everything with the club so it is up to him.

isis-killer-beheading-video-story-top Quiz: Name Liverpool Squad From Jurgen Klopp's First Game At Spurs
Sep 15, 2018 - 16:57
With the global break over, Liverpool heads to Wembley Stadium on Saturday to face Tottenham in a Premier League match. Mauricio [Pochettino] has the same issues, we all have to work with what we've got".

isis-killer-beheading-video-story-top Hurricane Florence rolls ashore in Carolinas, tears buildings apart
Sep 15, 2018 - 16:02
More than 615,849 customers have lost power as of 2 pm Friday, according to the North Carolina Department of Public Safety . Florence was downgraded to a Category 1 hurricane on Thursday evening with peak winds of 90 miles per hour (150 km/h).

isis-killer-beheading-video-story-top Guardiola or me better for Man United than Mourinho - Cantona
Sep 14, 2018 - 21:24
Pogba and Mourinho haven't exactly seen eye to eye since Manchester United signed Alexis Sanchez from Arsenal in January. After an underwhelming summer transfer window, Manchester United are looking to shake up their recruitment process.

isis-killer-beheading-video-story-top Apple Watch Series 4 announced with larger displays
Sep 14, 2018 - 19:59
Apple's new iPhone Xs and Xr models represent the next iteration of the company's previous iPhone X model it debuted a year ago . But this time around each new model takes inspiration from the iPhone X, which means edge-to-edge screens and no home button.

isis-killer-beheading-video-story-top Amazon's Jeff Bezos to start $2B U.S. charitable fund
Sep 14, 2018 - 19:51
Bezos, who founded Amazon as an online book store more than two decades ago, has seen his wealth surge along with Amazon's stock. Despite his concerns with Mr Trump, Mr Bezos said that he was not overly concerned about the future of the news media.

isis-killer-beheading-video-story-top Paul Manafort to plead guilty to two charges
Sep 14, 2018 - 18:46
The court then changed Manafort's scheduled appearance later in the morning to an arraignment and plea hearing. Manafort's conviction in Alexandria, Virginia, last month was at a trial arising from Mueller's investigation.

isis-killer-beheading-video-story-top Nun seeks justice from Vatican; accused Bishop says charges concocted
Sep 12, 2018 - 12:28
Reportedly, Catholic reformation organizations also joined the protest which had been called by the Joint Christian Council. Terming the allegations against him as "serious", the bishop said only three persons knew the truth.

Trump's previously announced visit to Ireland in question
Sep 12, 2018 - 10:54
Mr Varadkar said there is a standing invitation for any US president to come to Ireland and many have in the past. Political parties including Labour and the Greens had said they would be protesting against Mr Trump's visit.