Salesforce CEO Marc Benioff to buy Time magazine for $190M

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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