The venerable newsmagazine Time, a almost 100-year-old media institution, is about to have new owners - Marc Benioff, Salesforce chairman and co-CEO, and Lynne Benioff, his wife.
Nearly eight months after Meredith finalized its purchase of Time Inc., the publishing giant says it reached a deal to sell Time magazine to tech billionaire Marc Benioff and his wife Lynne Benioff.
If the proposed sale closes within the expected 30 days as announced late Sunday, the Benioffs would follow another tech industry titan, Amazon's Jeff Bezos, in purchasing a long-standing icon of traditional journalism.
"We're pleased to have found such passionate buyers in Marc and Lynne Benioff for the TIME brand", said Meredith president and CEO Tom Harty.
"The power of Time has always been in its unique story telling of the people and issues that affect us all and connect us all", Benioff said.
Despite those reassurances, there will surely be some scrutiny about a Silicon Valley CEO taking over Time, a magazine that frequently covers subjects like technology's impact on society.
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However, the Benioffs said they're hopeful given Time's large audience and expanded online presence.
Through the deal with Benioff, Meredith will still provide "services such as consumer marketing, subscription fulfillment, paper purchasing and printing", according to the company.
In 2017, Meredith sealed the deal on the purchase of Time with the backing of conservative billionaires Charles and David Koch.
The Benioffs will not be involved in the day-to-day operations or the editorial decisions of the magazine, the news release said.
He added, "That's what we're looking for when we invest as a family". Meredith previously tried to acquire Time Inc.in 2013, but allegedly balked at bundling Time, Fortune, Sports Illustrated and other major titles into the deal.
The media conglomerate said it plans to use the money from the sale to pay down debt, with the goal of cutting its debt by $1 billion during the upcoming fiscal year.
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The result was a fourth win in five races for Hamilton, arguably all of which Vettel could and perhaps should have won himself. He said: "We tried to be aggressive in the beginning, and it didn't work out". "It's not what we wanted today to get third".
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His administration is also seeking to boost methane emissions and roll back California's strict vehicle emissions standards. "This bill and the executive order put California on a path to meet the goals of Paris and beyond", said Governor Brown.
The Giants and Cowboys enter Sunday night's matchup tied for last place in the NFC East after losses last week. Last week in Carolina, the Cowboys were down 16-0 before finally getting on the board late in the 4th quarter.
After you've tried it, you may not feel like upgrading. "And keeping using them is the best thing for the planet". Once you download an app while it is in the offer, you won't be charged anything when you download it later.
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