Monday, September 17

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Time Magazine sold for $190m - See the buyer

by Staff writer



Just about eight months after it was sold to US media group Meredith Corporation, Time magazine is changing hands once again.

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


In a statement, Meredith said the Benioffs "will not be involved in the day-to-day operations or journalistic decisions".

The deal could close within a month but must first get regulatory approval.

Mr Benioff - who is chairman and co-founder of the cloud computing firm Salesforce.com - said that he and his wife have deep respect for the organisation and its iconic brand.

"The power of Time has always been in its unique storytelling of the people and issues that affect us all, and connect us all," he tweeted.

The magazine has cut its circulation at some point and struggled with declining advertising revenues.

Mr Benioff, who is worth $6.7bn according to Forbes, is the latest tech figure to acquire a traditional print publication.

Amazon chief executive Jeff Bezos bought the Washington Post in 2013.

Last year, Laurene Powell Jobs, philanthropist and widow of Steve Jobs, acquired a majority stake in The Atlantic magazine.


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