It’s time for another acquisition that involves prestigious print publications and tech industry giants. Time magazine has announced that it is being acquired by Marc Benioff, the Chief Operating Office of Salesforce and his wife, Lynne Benioff. Meredith Corp would be selling the magazine to the Benioff family for an amount of $190 Million. The deal, announced on Sunday, said that the Time magazine will be the family investment of the Benioff. The deal was first reported by the Wall Street Journal and it is expected that the deal would be closed within a period of around 30 days.
Talking about the nature of the deal, the Chief Editor of the Time said that the deal “will have no connection to Salesforce, the software company Marc founded in 1999. 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.” This means that the magazine would be taking the opinions of the Benioff into the account, but there won’t be any official connection with Salesforce, a popular software firm that Marc Benioff owns. The deal is not so different from the acquisition of The Washington Post by Jeff Bezos.
Talking about the deal, Marc Benioff said that “As almost everyone knows, Time is a treasure trove of our history and culture. We have deep respect for their entire organization and are honored to now have Time as part of our family impact investment portfolio. The power of Time has always been in its unique storytelling of the people and issues that affect us all and connect us all. “Lynne and I will take on no operational responsibility for Time, and look only to be the stewards of this historic and iconic brand”