Salesforce CEO Marc Benioff to buy Time magazine for $190 million
17 September 2018
Salesforce.com CEO Marc Benioff and his wife Lynne Benioff are buying Time magazine, the iconic publication, in a deal worth $190 million, according to media reports.
It will be a personal investment of Marc Benioff and his wife Lynne Benioff and Salesforce.com will not have any role in the operations of the magazine, say reports.
The Benioffs will buy out current owners, Meredith Corp, they will, however, not interfere in the journalistic or editorial decisions of the magazine. The current executive team, which is leading one of the most successful publications in the world, will continue to deliver and manage the magazine.
Meredith president and CEO Tom Harty said they are pleased to find such passionate buyers — Marc and Lynne Benioff — for the established brand, adding that Time magazine has been covering and bringing to the world the most significant events, shaping the global conversation, for over 90 years.
Time magazine’s editor-in-chief Edward Felsenthal told the magazine’s staff that the purchase of the magazine will have no connection to the Salesforce.com and that they were fortunate to have Marc and Lynn guidance and mentorship to build a new company.
Sharing the objective, Benioff in an interview with The Wall Street Journal, said that they were investing the company with tremendous impact on the world. The deal is expected to close in 30 days.