{"id":181846,"date":"2018-09-17T01:37:53","date_gmt":"2018-09-17T05:37:53","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=181846"},"modified":"2018-09-17T01:37:53","modified_gmt":"2018-09-17T05:37:53","slug":"co-founder-salesforce-buys-time-magazine-190-million","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2018\/09\/17\/co-founder-salesforce-buys-time-magazine-190-million\/","title":{"rendered":"Co-founder of Salesforce buys Time magazine for $190 million"},"content":{"rendered":"
\"\"<\/a>
FILE: 22 October 2007 edition distributed in Australia of Time magazine. Upper half of the cover and page about the photography competition, with a photograph by Chris Bray (Photo by Chris Bray\/Wikimedia Commons, BY-SA 2.0<\/a>)<\/figcaption><\/figure>\n

WASHINGTON — Time Magazine is being sold by Meredith Corp. to Marc Benioff, a co-founder of Salesforce, and his wife, it was announced Sunday.<\/p>\n

Meredith announced that it was selling Time magazine for $190 million in cash to Benioff, one of four co-founders of Salesforce, a cloud computing pioneer.<\/p>\n

Meredith had completed the purchase of Time along with other publications of Time Inc. earlier this year.<\/p>\n

The Benioffs are purchasing Time personally, and the transaction is unrelated to Salesforce.com, where Benioff is chairman and co-CEO and co-founder. The announcement by Meredith said that the Benioffs would not be involved in the day-to-day operations or journalistic decisions at Time. Those decisions will continue to be made by Time’s current executive leadership team, the announcement said.<\/p>\n

\u201cWe’re pleased to have found such passionate buyers in Marc and Lynne Benioff for the Time brand,\u201d Meredith president and CEO Tom Harty said in a statement. \u201cFor over 90 years, Time has been at the forefront of the most significant events and impactful stories that shape our global conversation.\u201d<\/p>\n

Meredith, the publisher of such magazines as People and Better Homes & Gardens, had put four Time Inc. publications up for sale in March. Negotiations for the sale of the three other publications — Fortune, Money and Sports Illustrated — are continuing.<\/p>\n

The prospective sale is expected to close within 30 days. In an interview with The Wall Street Journal, Benioff said he and his wife were investing \u201cin a company with tremendous impact on the world, one that is also an incredibly strong business. That’s what we’re looking for when we invest as a family.\u201d<\/p>\n

The purchase of Time by Benioff continues a trend of acquisitions of old-line media institutions by wealthy tech giants. The Washington Post was purchased by Amazon founder Jeff Bezos in 2013 for $250 million.<\/p>\n

Time, like other magazines, has struggled with continued declines in print advertising and newsstand sales.<\/p>\n

Started by Yale University graduates Henry Luce and Briton Hadden, Time first went on sale in March 1923.<\/p>\n","protected":false},"excerpt":{"rendered":"

WASHINGTON — Time Magazine is being sold by Meredith Corp. to Marc Benioff, a co-founder of Salesforce, and his wife, …<\/p>\n","protected":false},"author":33,"featured_media":181875,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-181846","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","mauthors-martin-crutsinger","mauthors-the-associated-press"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/181846","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=181846"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/181846\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/181875"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=181846"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=181846"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=181846"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}