Meredith Co. recently announced that Marc Benioff, co-founder of Salesforce, and his wife Lynne, agreed to purchase Time magazine for $190 million. Meredith Co. obtained Time as part of their $2.8 billion purchase of the Time Inc. firm less than a year ago and has been attempting to sell it along with the Fortune, Money, and Sports Illustrated magazines.
With this purchase, Benioff joins other technology figureheads acquiring a foothold in media, including Jeff Bezos, CEO of Amazon, who purchased the Washington Post for $250 million in 2013 and Laurene Powell Jobs, who purchased a majority stake in The Atlantic in 2017.
The Benioff’s plan to maintain a hands-off approach with the magazine, leaving the day-to-day operations to the current executives at the company. The Benioff’s have expressed their excitement about the purchase and are looking forward to helping Time continue their mission of delivering important news to the world.
“We are honored to be the caretakers of one of the world’s most important media companies and iconic brands,” said the Benioff’s in a statement. “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.”
While the agreement still has to go through regulations and approvals, the deal is expected to close in the fourth quarter.