Salesforce billionaire Marc Benioff to buy Time magazine

Salesforce billionaire Marc Benioff to buy Time magazine

Speaking on the purchase of Time magazine by Salesforce.com Marc Benioff, Meredith president and CEO Tom Harty said that they are pleased to find such passionate buyers - Marc and Lynne Benioff - for the established brand.

Meredith Corporation revealed that the Benioffs had agreed to acquire the United States magazine for $190m (£145m), pending regulatory approval.

A man holds up a copy of Time Magazine in Des Moines, Iowa January 28, 2016.

The Benioffs are purchasing Time personally, and the transaction is unrelated to Salesforce.com, where Benioff is chairman and co-CEO and co-founder.

He added that the Benioffs had told him to "think big, really big", and envision what Time will look like in 2040.

"We are honored to be the caretakers of one of the world's most important media companies and iconic brands", the Benioffs said in a statement.

Time had been placed on the market in March, while the negotiations of sales for Fortune, Money and Sports Illustrated are still continuing.

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Circulation at Time magazine has declined sharply, with the magazine cutting its circulation from by about 700,000 to 2.3 million for the six-month period ending June 30, The Wall Street Journal noted. Now, Benioff is promising a similar arrangement with Time.

Meredith has said that the Benioffs will not be directly involved with the title, and will have no say in its editorial decisions.

The Time transaction immediately called to mind Jeff Bezos's purchase of The Washington Post for $250 million.

"On behalf of the entire TIME team, we are very excited to begin this next chapter in our history", its editor-in-chief Edward Felsenthal said in the statement.

Meredith management has said that it's selling some of the acquired titles because they have different audiences and advertisers than most of its other magazines - a collection that focuses on entertainment, food, lifestyle, home, parenting, beauty and fashion.

Meredith said it will use proceeds from the deal to pay its debts, with the goal of reducing its financial obligations by $1 billion during fiscal 2019.

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