Meredith Sells Time Magazine to Billionaire Salesforce Chief For $190 Million

Marc Benioff, the billionaire founder of Salesforce.com is acquiring Time magazine in his personal capacity. Photo: Bloomberg
Meredith Corp has entered into an agreement to sell Time magazine to billionaire Marc Benioff and his wife for US$190 million in cash, disposing of the storied media brand in less than a year after acquiring it.
The Benioffs were purchasing Time in their personal capacity, and the transaction has nothing to do with Salesforce.com, where Marc Benioff is chairman, co-chief executive and founder, Reuters reports, citing a Meredith announcement.
Marc and Lynne Benioff will not be involved in the day-to-day operations or journalistic decisions, which will continue to be led by Time’s current executive leadership team, according to the announcement.
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