Salesforce CEO Marc Benioff to buy Time magazine for $190M

17 September, 2018, 15:12 | Author: Sally Reid
  • Co-founder of Salesforce buys Time magazine for $190 million

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.

Davids warns Juventus, Barcelona: Pogba unconvincing
On Wednesday, Pogba further fueled rumors of his leaving when he said: "Who knows what will happen in the next few months". Pogba is now away on France duty and should feature in the Nations League clash with Netherlands in Paris on Sunday.

Time magazine is being sold - again.

"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.

Recommended:



Popular

Views and Experiences of Puerto Ricans One Year After Hurricane Maria
An estimated 2,975 people died in the Category 4 storm's aftermath when medical resources were strained beyond the breaking point. Roy Cooper and Wilmington, North Carolina, Mayor Bill Saffo to "just (let) them know, we know how it feels".

Newcastle vs Arsenal: Unai Emery reveals what he expects from Gunners
Mesut Ozil insists he is delighted to be playing for Unai Emery after starring in Arsenal's 2-1 win over Newcastle on Saturday. Rafa Benitez has given an injury update ahead of Arsenal's visit to St James's Park.

Dazzling Duchess - Inside Meghan’s first few months as a royal
However, like Markle with her messy buns and cross-body bags, the rule didn't stop Diana from loving non-neutral polishes. She's been through months of backlash from her family members following her lavish wedding to Prince Harry in May.

Predicted Chelsea Line Up vs Cardiff City
Ruben Loftus-Cheek is a doubt for the game with an injury, while Emerson and Davide Zappacosta are also unlikely to feature. The gap was 30 points at the beginning of the season.

SpaceX Has Signed Its First Passenger to Fly Around the Moon
The rocket in combination with a spaceship capsule is being built by SpaceX with the colonization of the planet Mars in mind. Asked whether he'd be the first passenger, Musk - who's also the CEO of Tesla - posted an emoji of a Japanese flag.

Got $1,100? Apple shows off its most expensive iPhone yet
It features a 6.1 inch LED edge-to-edge LED screen with a resolution of 1792 by 828 pixels and a pixel density of 326 ppi. The newest entry in the segment is the iPhone XS Max , and it will start at Rs 1,09,900 for the 64GB version in India.

Trump disputes hurricane death toll in Puerto Rico
He added in a tweet: "The loss of any life is tragic; the extent of lives lost as a result of Maria is heart wrenching". A Harvard University study in May said at least 4,645 died.

Meghan Markle's Sister Samantha Unleashes on Duchess With Profanity-Laced Nickname
It sounds like Petrillo approached Meghan and engaged her, 'cause she notes in her tweet that she "couldn't have been sweeter". We know she's already got a beagle named Guy, but he looks vastly different than this pooch.

Nintendo Switch Online Launch Date Revealed
Nintendo confirmed on Twitter that the service will officially launch next week, on September 18, and that more information will be revealed during Thursday's presentation.

Trump pushes conspiracy theory denying Puerto Rico hurricane death toll
Sunny Hostin called Trump's comments "grotesque" and said they render him "illegitimate as the President of the United States". The mayor of Puerto Rico's capital calls Trump "delusional, paranoid, and unhinged from any sense of reality".