Time Magazine Sold To Salesforce Co-Founder Marc Benioff For $190M


The cover of Time magazine is seen at a news stand at Pennsylvania Station in NY U.S., November 9, 2016.

Marc Benioff, the billionaire co-founder and CEO of Salesforce, will become the new owner of Time magazine.

"On behalf of the entire TIME team, we are very excited to begin this next chapter in our history", said TIME editor-in-chief Edward Felsenthal.

He added that the Benioffs had told him to "think big, really big", and envision what Time will look like in 2040.

The deal, which is expected to close in 30 days, was announced to Time staffers on Sunday night. Jeff Bezos had purchased The Washington Post for $250 million almost five years ago.

Benioff, who ranks 246th on Bloomberg's billionaire's list, is promising a similar arrangement with Time.

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Time is chiefly known for its long-running Person of the Year feature, as well as its front covers, which normally feature prominently trendy American business figures.

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

Meredith bought Time magazine and the rest of Time Inc. last November. The lifestyle and women's publishing giant said it would sell off titles that were not compatible with its existing titles.

As part of the transaction, Meredith will perform short-term business continuity services for the Benioffs as well as consumer marketing, subscription fulfillment, paper purchasing, and printing services. "Meredith will also be able to include the Time brand in large corporate advertising buys".

Meredith management has said that it's selling some of the acquired titles because they have different audiences and advertisers than most of its other magazines - a collection that focuses on entertainment, food, lifestyle, home, parenting, beauty and fashion. Benioff is not buying those. According to industry insiders, Benioff's will not interfere in magazine's operations and journalistic or editorial decisions.