Billionaires Buying Media Assets to Prompt Social Change

Time magazine copies are dispalyed on a table in Washgington on November 27, 2017. CEO Marc Bineoff announced Sunday that he agreed to pay $190 million to buy the iconic magazine.
On Sunday, Billionaire Marc Benioff, 53, founder of cloud computing company Inc., announced that he would pay $190 million in cash from his personal wealth to acquire Time from Meredith Corp, which had purchased the news magazine from Time Inc. almost eight months ago.
Benioff is worth $6.6 billion, according to Forbes’ estimate.
“He and his family have invested in more than 200 companies, but none of them is in media. When they look where to put their money, the iconic Time magazine makes perfect sense,” a source close to the Benioffs tells Penta on condition of anonymity.
In 2013, founder and chief executive Jeff Bezos, currently the richest man in the world with a net worth of $162 billion, took over as the owner of The Washington Post, paying $250 million to the newspaper’s 80-year owner, the Graham family.
Read more at Barron’s…

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