Salesforce Billionaire Marc Benioff To Buy TIME Magazine
Salesforce co-founder and co-CEO Marc Benioff is buying Time Magazine for $190 million
Marc Benioff is the co-founder and co-CEO of Salesforace, a multi-billion dollar cloud computing company that is used by companies and organizations through the world. It’s been reported that along with his wife Lynne Benioff, the Silicon Valley tech giant is set to purchase Time magazine from parent company Meredith Corp for $190 million in cash. While the magazine has been around since 1923 and last year had an estimated total circulation of 3,028,013, it’ still known to some to be a “venerable but struggling print publication”. Along with Time, Meredith is also looking to sell off other publications such as Sports Illustrated and Fortune, which were part of a $1.8 billion takeover of Time Inc. back in January.
The Benioffs don’t plan to be too involved with the company and want to keep the current leadership team as is. In a statement released this past Sunday, they said, “We are honored to be the caretakers of one of the world’s most important media companies and iconic brands,” and that “Time has always been a trusted reflection of the state of the world, and reminds us that business is one of the greatest platforms for change.”
The purchase is very similar to Amazon’s Jeff Bezos’ 2013 purchase of the Washington Post. The $250 million acquisition was made in hopes of bringing one of the country’s oldest news publications into the digital age, even though Bezos himself claimed that he knew very little about the newspaper business.
Still, it will be interesting to see what the Benioffs will be able to do with Time, which happens to have some of the best cover art of any publication out there. Let us know what you think about Benioff’s decision to purchase the magazine in the comment section below and be sure to subscribe to The Sitch for more Time updates and other enter entertaining reads.