Founder of SalesForce.com Marc Benioff and his wife Lynne acquired Time Magazine from Meredith Corp. on Sunday for $190 million in cash.
Meredith Corp. acquired Time Inc. in November 2017 — less than a year ago — for $2.8 billion with the backing of conservative donors Charles and David Koch, according to The Hollywood Reporter. The magazine will remain separate from SalesForce.com and the Benioffs will not be making editorial decisions or running any day-to-day operations.
Meredith’s president and CEO Tom Harty released a statement to The Hollywood Reporter Sunday in which he praised the Benioffs and Time Inc. (RELATED: Tribune Media Terminates Merger With Sinclair Broadcast Group, Files Lawsuit)
“We’re pleased to have found such passionate buyers in Marc and Lynne Benioff for the Time brand,” Harty said. “For over 90 years, Time has been at the forefront of the most significant events and impactful stories that shape our global conversation. We know Time will continue to succeed and is in good hands with the Benioffs. We thank the Time team for its ongoing hard work and passionate commitment.”
Benioff said the company’s storied history was important to him and his wife when they were deciding whether or not they were going to purchase it.
“We’re investing in a company with tremendous impact on the world, one that is also an incredibly strong business. That’s what we’re looking for when we invest as a family,” he told The Wall Street Journal on Sunday.
He also spoke with The New York Times about his purchase Monday and said the company has a lot of potential and up-side.
“I was interested in the potential. They are great assets,” he told TheNYT. “I really liked the Meredith team, and I definitely wanted to do something with them. It just wasn’t clear what it was. When Time emerged as the candidate we all felt it was right. That took nine months to figure out.”
“I feel our values are aligned,” Benioff continued. “Trust is my highest value and it is Time’s as well.”
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