According to BBC, the co-founder of Salesforce.com, Marc Benioff and his wife are personally buying Time for $190m (£145.3m). 8 months ago, Meredith Corporation bought Times magazine for $2.8 billion.
Meredith is also reportedly looking to offload other Time Inc. publications like Fortune and Sports Illustrated.
The Time editor-in-chief, Edward Felsenthal, in a statement, shared that the team is excited to begin the new phase.
Writing on Twitter, the editor says:
“On behalf of the entire TIME team, we are very excited to begin this next chapter in our history. We can’t imagine better stewards for TIME than Marc and Lynne Benioff. 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.”
Benioff, too, on his Twitter, had praises for the magazine, describing it as the “treasure trove” of American history and culture.
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 & honored to be stewards of this iconic brand. https://t.co/TsbcXhO1OU
— Marc Benioff (@Benioff) September 16, 2018
Photo credit: BBC
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