Time Magazine To Be Sold To Billionaire Couple For $190 Million

Time Magazine is being sold by Meredith Corp.to Marc Benioff, a co-founder of Salesforce, and his wife.

The company said the Benioffs' acquisition of the magazine would be a personal purchase and would not be connected to Salesforce.com, where Marc Benioff is the founder and co-chief executive.

The deal could close within a month but must first get regulatory approval.

Benioff said in an email to CNN, "Lynne and I will take on no operational responsibility for Time, and look only to be the stewards of this historic and iconic brand".

Amazon founder Jeff Bezos, another wealthy tech giant, purchased The Washington Post in 2013 for $250 million.

They will not be involved in operations or journalistic decisions, "which will continue to be led by TIME's current executive leadership team", the statement said.

Meredith had completed the purchase of Time along with other publications of Time Inc. earlier this year.

Adeosun speaks on resignation as Buhari names Zainab Ahmed in her place
Ms Adeosun was appointed as finance minister by President Muhammadu Buhari in 2015. Finance Minister, Kemi Adeosun , has reportedly resigned.

The deal, first reported by The Wall Street Journal, comes nearly eight months after Meredith finalized its purchase of Time Inc.

According to the WSJ, Benioff said that he and his wife are "investing in a company with tremendous impact on the world, one that is also an incredibly strong business".

"The Benioffs will hold Time as a family investment", Time editor in chief Edward Felsenthal told staffers on Sunday night.

"Time has been at the forefront of the most significant events and impactful stories that shape our global conversation", Meredith CEO Tom Harty said. "Meredith will also be able to include the Time brand in large corporate advertising buys". Shortly thereafter, Meredith announced it was selling Time Inc.'s news and sports brands - TIME, Sports Illustrated, Fortune and MONEY - to focus on brands serving its core audience of American women.

A Meredith spokeswoman said deals for the other three titles are expected to be announced in the "near future".

Meredith plans to use proceeds from the transaction to pay down debt.

Related News:

  • Canelo Alvarez defeats Gennady Golovkin by majority decision in epic brawl

    Canelo Alvarez defeats Gennady Golovkin by majority decision in epic brawl

    Golovkin beat Vanes Martirosyan as a replacement opponent on May 5 at T-Mobile Arena. Originally, the pair fought previous year in September in Las Vegas.
    F1 news, Formula 1 races, calendar, results, schedule, season latest

    F1 news, Formula 1 races, calendar, results, schedule, season latest

    The four-time Formula One champion recorded his seventh win of the season and 69th of his F1 career. By contrast, Vettel has two wins, a second, a third, a fourth and one retirement.
    Croatia Shares Some of EU's Concerns about Hungary

    Croatia Shares Some of EU's Concerns about Hungary

    The move saw some members of the European People's Party bloc - of which Mr Orban's Fidesz movement is a member - vote against their ally in Budapest .
  • Juventus midfielder Emre Can: Ronaldo's happy

    Juventus midfielder Emre Can: Ronaldo's happy

    Cristiano Ronaldo scored his first two goals for Juventus as the Italian champions maintained their ideal start to the season. That is 39 more than his nearest competitor in that list, as Lionel Messi comes second-place with 621 goals of his own.
    Reporter mocked for 'Oscar-worthy' Hurricane Florence broadcast

    Reporter mocked for 'Oscar-worthy' Hurricane Florence broadcast

    President Donald Trump said federal emergency workers, first responders and law enforcement officials were "working really hard". He made reference to Hurricane Katrina in 2005, Irene in 2011, Sandy in 2012, Harvey and Maria in 2017 and now Florence.
    Maryland Task Force One heads south to help prepare for Hurricane Florence

    Maryland Task Force One heads south to help prepare for Hurricane Florence

    And it led to mixed signals from officials in SC , whose governor had canceled mandatory evacuation for several coastal counties. She added: "The problem is, I can't tell you the exact pin point of landfall and it could be a long duration event".
  • John Kerry blasts Pres. Trump's withdrawal from Paris climate pact

    John Kerry blasts Pres. Trump's withdrawal from Paris climate pact

    Salesforce recently opened a 61-story office tower in San Francisco that the company says relies on clean energy to operate. But it also points to the limitations of working with so-called sub-national actors, which include just 17 U.S. states.
    Storm toll 13 as Carolinas brace for river flooding

    Storm toll 13 as Carolinas brace for river flooding

    A wind gust at the Wilmington airport was clocked at 105 miles per hour (169 kph), the highest since Hurricane Helene in 1958. Officials have warned against entering attics, unless people have a means to cut through to the roof to avoid drowning.
    Eliud Kipchoge sets new marathon world record in Berlin

    Eliud Kipchoge sets new marathon world record in Berlin

    Boosted after leaving Boit, he surged, running the 27th kilometre in just 2:51 - seven seconds faster than necessary. Cherono won in 2:18:11, breaking the previous course record (2:19:12, Mizuki Noguchi, 2005) by over a minute.
  • Met Eireann 'to monitor situation' as Storm Helene approaches

    Met Eireann 'to monitor situation' as Storm Helene approaches

    Although Helene is now a hurricane, it will weaken and be downgraded to a tropical storm by the time it reaches the Azores. At her most fierce, wind speeds of up to 85mph were being recorded south west of the Azores in the Atlantic.
    Ravens can’t recover from Bengals’ dominant 1st half

    Ravens can’t recover from Bengals’ dominant 1st half

    Bullock made a 28-yard field goal with 2:59 left after Cincinnati drained 6:36 off the clock, increasing the lead to 31-23. LB Vontaze Burfict sits out second of four-game suspension for violating NFL's policy on performance-enhancing substances.
    Volkswagen Beetle Final Edition

    Volkswagen Beetle Final Edition

    Among its fans is Hollywood actor Chris Pratt, who took almost 12 years to restore a 1965 Volkswagen Beetle , in 2016. Throughout the franchise, Herbie is seen with red, white and blue racing stripes from front to back bumper.


Most liked

Big Name Backstage For WWE Hell In A Cell (Spoiler)
Samoa Joe will challenge WWE Champion AJ Styles in a rematch from SummerSlam , and that feud has become deeply personal. At least WWE delivered three good title matches, including a show-stealing Raw Tag Team Championship match.

Hurricane Florence floods parts of the Carolinas with pounding wind and rain
Florence "is twice the size of Hurricane Hugo", which tore through the Carolinas in 1989, New Bern Mayor Dana Outlaw told "GMA". Mackie rode in a boat through a flooded neighborhood, navigating through trees and past a fencepost to get to the Knox house.

Conciliatory mood prevails in Pyongyang ahead of inter-Korean summit
But those channels have been often suspended when tensions rose over North Korea's nuclear program. "U.S. Trump thanked Kim on Twitter, saying, "This is a big and very positive statement from North Korea".

Here's Our First, Sans-Makeup Look At Joaquin Phoenix As The Joker
Sadly, no clown makeup has been applied, but like Phoenix has said, this isn't going to be a standard superhero film. The studio is also developing a standalone Joker film that will operate within the DC Universe and star Leto.

Kirk Cousins Made A Crazy Throw To Send Packers-Vikings To Overtime
A 2-point conversion pass to Stefon Diggs tied the score 29-29 after the Vikings trailed 20-7 to start the fourth quarter. Carlson missed a 49-yard field goal on the first possession of overtime. "I still think they should trade him".

Lawrence area residents get the all-clear to go home
Columbia Gas is owned by NiSource , which serves almost 4 million natural gas and 500,000 electric customers across seven states. The explosions killed Leonel Rondon, 18, while he sat in a vehicle in the driveway of a home in Lawrence, authorities said.

Isaac dissipated, and updates on Atlantic storms Helene, Joyce
Winds are expected to first reach tropical storm strength on Thursday, making outside preparations hard or risky . High Surf Advisory for all beaches today.

Palestinians Bury 12-Year-Old Killed In Israel Border Clashes
Israel captured those territories in the 1967 Middle East war and annexed East Jerusalem in a move not recognized internationally. The Israeli army Friday struck two Hamas posts along the Gaza Strip, said the Israel Defense Forces (IDF).

Anita Hill Speaks Out On Sexual Misconduct Allegations Against Brett Kavanaugh
The report adds that Ford told no one of the incident in any detail until 2012, when she was in couples therapy with her husband. Ford first contacted the Post in early July, the newspaper reported , when it became clear that Kavanaugh was on U.S.

Over 722,000 without power as Florence batters Carolinas
Brunswick plant onsite NRC Inspector Galen Smith, had no worries that the Brunswick plant would survive the storm easily. Hurricane Florence was about 485 miles southeast of Wilmington, N.C., with maximum sustained winds of 130 mph.

Hurricane Florence closes in on Carolinas
As of 11am local time, Florence was centred about 145 miles south east of Wilmington and its forward movement slowed to 10mph. Tropical Storm Florence was downgraded from a unsafe Category 1 storm Friday, but millions have still been affected.

Deadly 'shark attack' at Massachusetts beach
Interested in Sharks? Add Sharks as an interest to stay up to date on the latest Sharks news, video, and analysis from ABC News. Numerous shark sightings have been reported in the Cape Cod area this summer, including several involving great whites.

Former Arsenal target Dybala said to be set for January move
At Manchester United Dybala would also be reunited with Paul Pogba, with whom he reached a Champions League Final with in 2015. Zamparini also criticised Juve's management of him.

Gov. McMaster cautions SC residents as Hurricane Florence moves toward state
Zooming out to the full projection, shown above, the core of the storm is slated to enter North Carolina around 2 p.m. Kevin Knox and his family were rescued from their flooded brick home with the help of Army Sgt.

Zlatan Ibrahimovic: Swedish striker scores 500th career goal in style
Following the goal, fans on Twitter were just as stunned as the commentary team at Ibrahimovic's incredible acrobatic effort. Like a fine wine, Zlatan Ibrahimovic keeps getting better with age.