Business

Time Magazine Sold to Salesforce Founder Marc Benioff Marc and his wife Lynne are buying the iconic magazine for $190 million in cash

@otuslive

THE Iconic Time news magazine has been sold to Marc Benioff, the billionaire co-founder of salesforce.com.

Time’s parent, Meredith Corporation, announced on Sunday that it has entered into a definitive agreement to sell the brand to Marc and his wife Lynne Benioff for $190 million in cash.

The transaction is subject to deal conditions and regulatory approval and is expected to close within 30 days.

Marc and Lynne are purchasing Time personally and the transaction is not related to Salesforce.com.

“Mr. and Mrs. Benioff 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,” the company said.

Meredith had bought Time in January in a deal valued at $2.8 billion.

Soon after, it had announced that it was selling Time’s news and sports brands, including Fortune, to focus on brands serving its core audience of American women.

Meredith expects to announce agreements for the remaining asset sales in the near future, the company said in the statement.

“We are honored to be the caretakers of one of the world’s most important media companies and iconic brands,” the Benioffs said.

“On behalf of the entire Time team, we are very excited to begin this next chapter in our history,” Time Editor-in-Chief Edward Felsenthal said.

“We can’t imagine better stewards for TIME than Marc and Lynne Benioff.”

Meredith plans to use proceeds from the transaction to pay down debt and expects to reduce it by $1 billion during fiscal 2019.

The Time deal gives the Benioffs a storied magazine and the struggling title, a lifeline. The Benioffs now join the elite group of tech billionaires who own an iconic media brand.

Amazon founder Jeff Bezos had bought The Washington Post in 2013 and Laurene Jobs, the widow of Apple co-founder Steve Jobs, had acquired a majority stake in The Atlantic in a deal via her organisation Emerson Collective in 2017.

As part of the transaction, Meredith will provide short-term business continuity services and has entered into a multi-year agreement with the Benioffs to provide services such as consumer marketing, subscription fulfillment, paper purchasing and printing, the company said.

#Time: WHAT THEY SAID

Marc Benioff on the Acquisition

Kara Swisher’s Take

Time brands CCO Alan Murray on the Deal

Billie Jean King Congratulates

-ENDS-

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