Time magazine to be sold to Salesforce billionaire Marc Benioff

Time magazine to be sold to Salesforce billionaire Marc Benioff

This time it's Salesforce CEO Marc Benioff and his wife Lynne Benioff.

The company said the Benioffs' acquisition of the magazine would be a personal purchase and would not be connected to Salesforce.com, where Marc Benioff is the founder and co-chief executive.

The sale is expected to close within 30 days and the Benioffs are buying the publication as individuals, according to the Wall Street Journal. "We have deep respect for their entire organization, and are honored to now have Time as part of our family impact investment portfolio". But it continues to reach a total of more than 100 million readers in print and online. The Benioffs said they won't be involved in day-to-day operations or journalistic decisions.

"For over 90 years, Time has been at the forefront of the most significant events and impactful stories that shape our global conversation".

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That purchase brought Mr Bezos a Pulitzer Prize-winning, 140-year-old newspaper but also put him in the cross hairs of President Donald Trump, who has called the Post an "expensive lobbyist" for Amazon.com Inc. Meredith is also the publisher of People and Better Homes & Gardens. "We know TIME will continue to succeed and is in good hands with the Benioffs". Now, Benioff is promising a similar arrangement with Time. A Meredith spokeswoman said in media reports that deals for the other three titles are expected to be announced in the "near future".

Meredith announced in March that it was looking for a buyer for four magazines, including Time, Fortune and Sports Illustrated, which were bought less than four months ago. "The team is inspired by their commitment to high-quality journalism and by their confidence in the work we have done to transform and expand the brand in new directions".

The media conglomerate said it plans to use the money from the sale to pay down debt, with the goal of cutting its debt by $1 billion during the upcoming fiscal year.

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