Time, the pre-eminent regular newsmagazine of this century that is 20th may have brand new owners: Marc Benioff, the billionaire co-founder associated with pc pc computer software business Salesforce, and their spouse, Lynne.
Time’s parent business, Meredith Corporation, announced on that it had agreed to sell the flagship publication of once-mighty Time Inc. to the Benioffs for $190 million in cash sunday.
Mr. Benioff becomes the latest technology billionaire to make the reins of an iconic news brand name. Jeff Bezos, the creator and executive that is chief of, purchased The Washington Post in 2013. A year ago, Laurene Powell Jobs, the widow associated with the Apple co-founder Steve work, decided to get a bulk stake into the Atlantic mag through her company, Emerson Collective.
Now, aided by the deal for Time, the Benioffs have actually acquired probably one of the most storied — but struggling — magazines in the united states.
While having a therapeutic massage belated Sunday, Mr. Benioff discussed via text their desire for Time.
Since March, Meredith professionals, led by Time Inc. alumni, have actually pounded the pavement trying to find the right owner. However in the past few years, the headwinds that are economic the mag industry are becoming a gale force.