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

Marc Benioff, the billionaire founder of 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, 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.
Read more…

Do you like our articles? What do you want to see or read about the wealthy?