Salesforce CEO Marc Benioff to buy Time magazine for $190M
17 September, 2018, 15:12 | Author: Sally Reid
Meredith, which completed a $2.8 billion all-cash acquisition of Time Inc. earlier this year, said the transaction was subject to regulatory approval and expected to close within 30 days. "While they will not be operators of the business, we are extremely fortunate to have Marc and Lynne's guidance and mentorship as we set out to build a new company". The Wall Street Journal first reported the sale.
"A treasure trove of our history & culture".
By snatching up Time, Marc Benioff joins several other billionaires who have purchased storied publications, including Amazon's Jeff Bezos, the world's wealthiest person, who bought the prestigious Washington Post newspaper in 2013.
"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".
Felsenthal in a note to staffers said the Benioffs have asked Time to "think big" and to consider what it will look like in 2040.
"We're pleased to have found such passionate buyers in Marc and Lynne Benioff for the TIME brand", said Meredith president and CEO Tom Harty.
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"From the first moments we sat down with Marc and Lynne to discuss Time's future, we knew that this was not just a meeting of minds and business goals, it was a confluence of objective", Felsenthal said.
Meredith plans to use proceeds from the transaction to pay down debt. It had hoped to strike a deal within a couple of months, but the process took much longer than expected, say reports.
Through the deal with Benioff, Meredith will still provide "services such as consumer marketing, subscription fulfillment, paper purchasing and printing", according to the company. Benioff is not buying those. Meredith is also the publisher of People and Better Homes & Gardens.
Shortly thereafter, Meredith announced it was selling Time Inc.'s news and sports brands - TIME, Sports Illustrated, Fortune and MONEY - to focus on brands serving its core audience of American women.
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