Time magazine has been acquired by the CEO Marc Benioff, Salesforce & his wife for $190M.
Meredith Corporation had acquired Time Inc earlier this year in January for $2.8 billion. Time Inc. owned and published over 100 magazine brands including Time, Sports illustrated, Travel+Leisure, Furtune, People & many others.
Meredith Corporation is an American media conglomerate that owns Time Inc. and is currently the largest magazine company in the world.
Six weeks after the acquisition of Time Inc, Meredith had announced that it would explore sale options for Fortune, Money, Sports Illustrated & Time magazines.
Time Inc UK was sold to British private equity firm Epiris in March this year. Meredith has now sold Time Magazine to Salesforce founder and his wife.
The sales process is expected to be completed within the next 30 days. Marc Benioff and his wife are buying Time magazine as individuals and Salesforce is not involved in this transaction.
Time magazine is one of the pioneers and a global powerhouse in the world of publishing. Time magazine released its first issue in March, 1923. Since then it has garnered worldwide interest of the readers.
In recent years, Time magazine has started coming out with its 100 most influential people of the year. Time also features annual Person of the year to individuals or groups that have made great impact in the year.
Tom Harty, CEO, Meredith said “For over 90 years, TIME has been at the forefront of the most significant events and impactful stories that shape our global conversation,”
He said in a statement, “We know TIME will continue to succeed and is in good hands with the Benioffs.”
Meredith further said the Benioffs “will not be involved in the day-to-day operations or journalistic decisions”.
The world of print media and publishing has undergone a rapid transformation in recent times.
Even Time magazine has cut its circulation and struggled with declining advertising revenues.
The digital publishing and internet is now the most dominant medium in the world of media industry. And Marc Benioff is among the technology pioneers who have shown a grand vision with Salesforce.
Time magazine may well be poised for some of the most exciting technological disruptions in the next few years with Benioff at its helm.
Benioff said he and his wife have immense respect for the Time magazine and its iconic brand.
“The power of Time has always been in its unique storytelling of the people and issues that affect us all, and connect us all,” he tweeted.
Benioff and his wife will not be involved in daily operations at Time magazine. They will also not be involved in journalism matters related to the magazine.
Benioff, 53, is among the latest tech billionaires who have shown penchant for print and media industry.
The world’s richest person and chief of Amazon Jeff Bezos owns Washington Post. He acquired it in 2013.
Last year, Laurene Powell Jobs, philanthropist and widow of Steve Jobs, acquired a majority stake in The Atlantic magazine.
Digital advertising and revenues are now accounting for majority of revenues for many of the media companies. The media industry is transforming itself according to the needs of the digital age.
Time magazine’s acquisition may spur more innovations and changes that may transform the media and print industry. It may fast track things for a digital future.
