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Time Magazine Has A New Home! Founder of Salesforce Marc Benioff Buys Time Magazine For $190M

Time Magazine

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Time Magazine Has A New Home! Founder of Salesforce Marc Benioff Buys Time Magazine For $190M

Another American technology entrepreneur and billionaire Marc Benioff and his wife Lynne Benioff has acquire prestigious print publication, Time Magazine. The founder and CEO of cloud software company, Salesforce.com was reported to have acquire Time Magazine for $190M from Meredith Corp.

According to an exclusive report by Wall Street Journal, reported that Marc Benioff and his wife Lynne Benioff will finalized the acquisition of Time Magazine from Meredith Corp in the next 30 days.

“The Benioffs will hold Time as a family investment,” Time editor in chief Edward Felsenthal told his staffers when the deal was announced on Sunday night.

“It will have no connection to Salesforce, the software company Marc founded in 1999,” Felsenthal said. “While they will not be operators of the business, we are extremely fortunate to have Marc and Lynne’s guidance and mentorship as we set out to build a new company.”

Time Magazine

Time Magazine Has A New Home! Founder of Salesforce Marc Benioff Buys Time Magazine For $190M

The new owner of Time Magazine, Marc Benioff is 246th on Bloomberg’s billionaire’s list, and the remaining asset from Time Inc, which was acquired by Better Homes & GardensMeredith for around $1.8 billion in January, has also being put up for sale: such as Fortune, Money, and Sports Illustrated.

Lynne Benioff and Marc Benioff

Founder & CEO of Salesforce.com Marc Benioff and Lynne Benioff (Photo Credit: Google Images)

“For over 90 years, TIME has been at the forefront of the most significant events and impactful stories that shape our global conversation,” said Tom Harty, Meredith’s chief executive, in a statement. “We know TIME will continue to succeed and is in good hands with the Benioffs.”

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