Salesforce boss Marc Benioff, wife buy Time magazine

Salesforce boss Marc Benioff, wife buy Time magazine

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.

Meredith said the agreement is unrelated to Salesforce.com, the cloud computing company founded in 1999 by Benioff where he also serves as chairman and co-CEO. Time claims a combined audience of more than 100 million readers in print and online, including over 50 million digital visitors.

"The power of Time has always been in its unique storytelling of the people & issues that affect us all & connect us all", Benioff wrote.

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

"We are honoured to be the caretakers of one of the world's most important media companies and iconic brands", the Benioffs said in a statement on Sunday (Sept 16).

The Benioffs will not be involved in the day-to-day operations or the editorial decisions of the magazine, the news release said.

The Benioffs' purchase of Time will be kept separate from Salesforce, and the couple plans to take a hands-off approach to managing the magazine.

"For over 90 years, TIME has been at the forefront of the most significant events and impactful stories that shape our global conversation", said Tom Harty, Meredith's chief executive, in a statement.

Meredith plans to use proceeds from the transaction to pay down debt. Now, Benioff is promising a similar arrangement with Time.

Time Magazine was one of four publications that Meredith put up for sale earlier this year, including Fortune, Money and Sports Illustrated. 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.

A Meredith spokeswoman said deals for the other three titles are expected to be announced in the "near future". "We know TIME will continue to succeed and is in good hands with the Benioffs".

Related Articles