The world-famous TIME magazine changes hands for the second time in a year.
Marc Benioff, founder of the hi-tech company Salesforce, has bought TIME magazine, together with his wife Lynne, for 190 million dollars. Until now, the weekly belonged to the Meredith group, which in turn acquired it in November last year.
The announcement comes directly from the "selling company". The note reads that the purchase of TIME by Benioff will be defined within a month.
The Benioffs also stressed that they have no plans to step into editorial management of the magazine and that, at least for now, the editorial and executive duties will remain the same.
We recall that the Meredith group, already publisher of magazines with People, in November 2017 had taken over the entire Time Inc. group (which also includes Fortune e Sports Illustrated) for a total of 2,8 billion dollars.
“We are delighted to have found passionate buyers like Marc and Lynne Benioff for the Time brand,” Meredith president and CEO Tom Harty said in a statement. "For more than 90 years, Time has been at the forefront of the most significant events with impactful stories that shape the global debate".
Marc Benioff commented on the operation on Twitter: “The power of Time – he wrote – has always been in its unique narration of the people and the problems that affect us and connect us all. A treasure of our history and our culture. We have deep respect for their organization and are honored to be stewards of this iconic brand."
The power of Time has always been in its unique storytelling of the people & issues that affect us all & connect us all. A treasure trove of our history & culture. We have deep respect for their organization & are honored to be stewards of this iconic brand. https://t.co/TsbcXhO1OU
— Marc Benioff (@Benioff) 16 September 2018
