Time Magazine sold to Salesforce founder Marc Benioff for $190 million

Editor’s note: This is exciting. I worked at Time magazine as a reporter in the summers when I was an undergraduate student at Cal in the late ’70s — in the Los Angeles and San Francisco bureaus. I had some exciting assignments. Now Marc Benioff of Salesforce has purchased the publication — akin to Amazon.com founder Jeff Bezos owning the Washington Post.

I’ve known Marc since I was editor of CNET News in the ’90s. He’s a great entrepreneur (we are longtime Salesforce stockholders), and I think Time will have a rebirth under Marc’s stewardship.

“Time magazine will have a new home,” as the Wall Street Journal is reporting.

“Nearly eight months after Meredith Corp. (MDP -0.57%) completed its purchase of Time Inc., the publisher has agreed to sell Time magazine for $190 million to Marc Benioff, co-founder of Salesforce.com , CRM (-0.44%) and his wife Lynne Benioff.

“The proposed sale is expected to close within 30 days. The Benioffs are buying Time as individuals; the agreement is unrelated to Salesforce.com, where Mr. Benioff also serves as chairman and co-chief executive.

“In an interview, Mr. Benioff said, ‘We’re investing in a company with tremendous impact on the world, one that is also an incredibly strong business. That’s what we’re looking for when we invest as a family.’

“The Benioffs are optimistic about Time’s large audience and growing video business. ‘The power of Time is its unique story telling of the people and issues that affect us all and connect us all,’ said Mrs. Benioff.

The rest of the article is here.

Author: jeffpelline

Jeff Pelline is a veteran editor and award-winning journalist - in print and online. He is publisher of Sierra FoodWineArt magazine and its website SierraCulture.com. Jeff covered business and technology for The San Francisco Chronicle for years, was a founding editor and Editor of CNET News, and was Editor of The Union, a 145-year-old newspaper in Grass Valley. Jeff has a bachelor's degree from UC Berkeley and a master's from Northwestern University. His hobbies include sailing and trout fishing.

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