Time magazine sold for $190 million to tech couple

Time magazine sold for $190 million to tech couple

Salesforce.com founder and now co-CEO Marc Benioff and his wife Lynne have acquired the Time media brand, in a personal purchase worth $190 million.

Almost eight months after Meredith Corp. completed its purchase of Time Inc., the publisher has agreed to sell Time magazine for $190 million to Marc Benioff, co-founder of Salesforce.com, and his wife Lynne Benioff.

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

In March, just over a month after completing the acquisition, Meredith announced plans to sell the flagship magazine as well as to seek buyers for other longtime Time Inc. titles - Sports Illustrated, Fortune and Money magazines - that do not fit into its more female-skewing portfolio of magazine brands.

They also told the newspaper that they won't have any day-to-day influence over the magazine's operations, nor will they have any journalistic input.

The couple will be taking over Time amid a turbulent time for print publications. Amazon founder Jeff Bezos' purchase of the Washington Post has proved remarkably successful, while former Facebook exec Chris Hughes had a rockier time with his brief ownership of The New Republic.

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Meredith has reached a "multi-year" agreement with the Benioffs "to provide services such as consumer marketing, subscription fulfilment, paper purchasing and printing", it said.

In 2017, Meredith sealed the deal on the purchase of Time with the backing of conservative billionaires Charles and David Koch.

"For over 90 years, Time has been at the forefront of the most significant events and impactful stories that shape our global conversation".

TIME's major franchises include the TIME 100 Most Influential People, Person of the Year, Best Inventions, Genius Companies, World's Greatest Places, and more. "That's what we're looking for when we invest as a family".

Sharing the objective, Benioff in an interview with The Wall Street Journal, said that they were investing the company with tremendous impact on the world.

Meredith confirmed the sale plans back in March. Meredith expects to announce agreements for the remaining asset sales in the near future.

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