Salesforce billionaire Marc Benioff to buy Time magazine

Lynne and Marc Benioff

Saleforce co-founder Marc Benioff, and his wife are purchasing Time Magazine for $190 million in cash.

The development was announced to Time staffers by its editor in chief Edward Felsenthal, who told employees on Sunday night that "Benioffs will hold Time as a family investment".

The Wall Street Journal previously reported on the Time deal, which is slated to close in the next 30 days. Benioff said in an email to CNN, "Lynne and I will take on no operational responsibility for Time, and look only to be the stewards of this historic and iconic brand".

TIME's major franchises include the TIME 100 Most Influential People, Person of the Year, Best Inventions, Genius Companies, World's Greatest Places, and more.

Time magazine is changing hands once again, almost eight months after it was sold to U.S. media group Meredith Corporation.

More news: Jeff Bezos Rips President Trump over 'Dangerous' Attacks on the Washington Post

The chairman and co-CEO and co-founder would not be involved in the day-to-day operations or journalistic decisions at Time. - instead, the decisions will continue to be made by Time's current executive leadership team, according to the announcement.

Time magazine is being sold - again.

Benioff has said that Time is a company that has a "tremendous impact on the world", and is also an "incredibly strong business".

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. At a time when Mr Trump counts mainstream American media as his personal enemy, Mr Benioff has bought a high-profile outlet that has done many critical stories on the president since his election. Meredith expects to reduce its debt by US$1 billion during fiscal 2019.

By snatching up Time, Marc Benioff joins another big boss of the tech industry, Amazon's Jeff Bezos, who owns the prestigious Washington Post newspaper. The company expects to announce agreements for these sales "in the near future".

Related News:

  • Chelsea drawn against PAOK, BATE Borisov and Vidi in Europa League

    Chelsea drawn against PAOK, BATE Borisov and Vidi in Europa League

    Arsenal were handed a seemingly easier task against Sporting Lisbon, Azerbaijani club Qarabag and Vorskla of Ukraine. Celtic meet Salzburg, RB Leipzig and Rosenborg while Rangers face Rapid Vienna, Villarreal and Spartak Moscow.
    Hurricane Helene has Britain in its sights

    Hurricane Helene has Britain in its sights

    They are also watching Tropical Storm Isaac , which is heading due west and expected to enter the Caribbean Sea on Thursday. National Hurricane Center (NHC) provided the latest update on Hurricane Florence at 8 a.m. on September 12.
    Jailed ex-Pak PM Nawaz Sharif’s wife, Begum Kulsoom, dies in London

    Jailed ex-Pak PM Nawaz Sharif’s wife, Begum Kulsoom, dies in London

    Begum Kulsoom led defiant, lonely protests against the Musharraf regime to get her husband freed from prison. According to some party leaders, she also occasionally wrote Mr Sharif's speeches.
  • Weather warning as Storm Helene blows in

    Weather warning as Storm Helene blows in

    Some delays to road, rail, air and ferry transport are likely. - There could be some short term loss of power and other services . South Wales and Cornwall are expected to bear the brunt of the remnants of Hurricane Helene, which is now off the Azores.
    Who won Canelo vs GGG's first fight?

    Who won Canelo vs GGG's first fight?

    But both fighters seem determined not to let it be decided by the ringside judges. Alvarez said he thought he won seven or eight rounds, while Golovkin disagreed.
    Free mobile roaming could end in European Union  if no deal Brexit

    Free mobile roaming could end in European Union if no deal Brexit

    Writing in the Daily Telegraph , Mr Raab stated that if there is no deal: "The government would not pay the terms of the financial settlement".
  • Hurricane Florence pounds Carolina coast with fierce winds, flooding

    Hurricane Florence pounds Carolina coast with fierce winds, flooding

    Power outages from Florence, which was downgraded to a tropical storm early Friday evening, have topped 700,000 customers. So far: Roughly 15 inches of rain have fallen north of Swansboro, North Carolina, and it's only going to get worse.
    Record flooding as Florence rolls across Carolinas

    Record flooding as Florence rolls across Carolinas

    A building is seen through heavy rain from Hurricane Florence in Wilmington, North Carolina on September 14, 2018 . The child's father was transported to the hospital with injuries.
    Seiko - A new US Open title for Novak Djokovic

    Seiko - A new US Open title for Novak Djokovic

    Djokovic sprinted into a 3-1 lead in the third set before a battling Del Potro clung on, hitting back for 3-3. After his latest performance, it's a safe bet Sampras is admiring Djokovic as well - along with many others.
  • Eric Cantona wishes Pep Guardiola was Manchester United manager

    Eric Cantona wishes Pep Guardiola was Manchester United manager

    Manchester United coach Jose Mourinho reportedly has a strained relationship with club's star winger Anthony Martial. Pogba is now away on France duty and should feature in the Nations League clash with Netherlands in Paris on Sunday.
    SpaceX To Reveal Identity Of First Space Tourist

    SpaceX To Reveal Identity Of First Space Tourist

    SpaceX said it has signed the first private moon traveler, with some changes to its original game plan. The names and identities of those two tourists - and how much they meant to pay - were never revealed.
    Idlib assault would lead to risks for Europe - Erdogan

    Idlib assault would lead to risks for Europe - Erdogan

    More than 350,000 people have been killed and millions displaced since Syria's civil war started in 2011 with the brutal repression of anti-Assad protests.


Most liked

Russian Federation 'will consider United Kingdom request to interview Salisbury suspects'
The customs are checking everything, they would have questions as to why men have women's perfume in their luggage. They also asked for an apology from the United Kingdom authorities, adding: "We just want this to be over".

Thrilling Rodgers-Cousins QB duel ends in Packers-Vikings tie
Rodgers didn't miss the game this time, but he was limited due to a knee injury. "At the same time, I don't know what else to do". Referee Tony Corrente explained after the game officials believed Matthews picked up Cousins and drove him into the ground.

Strawberry crisis spreads to NSW as boy finds pin in Coles punnet
The woman who found the needles took to Facebook to alert others and urge people to check their strawberries or throw them out. Jeannette Young. "The idea of an ex-employee was put forward by the Strawberry Growers Association".

Big Match Focus: Tottenham v Liverpool
Premier League - Follow the Football match between Tottenham Hotspur and Liverpool live with Eurosport. After a big win over Manchester United , Tottenham's latest result was a 2-1 loss to Watford.

Samsung started to develop the Galaxy Note 10
Between the two off us, I will wait for the "technical recession" to pass, then I will get the Samsung Galaxy Note 9 . More than likely, this phone will be more of a mid-range handset like the Galaxy A series with a gimmicky feature .

Spurs duo Lloris, Alli to miss Liverpool, Inter clashes
The club he's more interested in. "I am not going to talk about individual things". Liverpool are top of the Premier League on goal difference after four...

Trump ex-campaign chief Manafort 'strikes plea deal'
The court then changed Manafort's scheduled appearance later in the morning to an arraignment and plea hearing. Manafort's conviction in Alexandria, Virginia, last month was at a trial arising from Mueller's investigation.

Trump and Obama spar over economy as midterm polls near
Gross domestic product increased at a 4.2 annualized rate in the second quarter of 2018, and the unemployment rate was 3.9 percent in April, 3.8 percent in May and 4.0 percent in June.

Tracking the tropics: Three hurricanes brewing in the Atlantic
Already we're getting some overwash, the ocean is coming over 12", she said, referring to the islands' main road. Isaac is a strong tropical storm with 60kt sustained winds, now about 675 miles east of the Lesser Antilles.

One million asked to evacuate as Hurricane Florence closes in
He says storm surge could reach as high as 10 feet (3 meters) and estimates 1 million residents will be leaving the coast. People across the region rushed to buy bottled water and other supplies, board up their homes or get out of town.

Sweden's nationalist party comes second place in elections
The governing center-left bloc has a razor-thin edge over the center-right opposition Alliance, with roughly 40 percent each. For me, when he is saying that immigrants are not welcome to Sweden ... he is trying to spread hate between the people.

Tesla now charging for two Model 3 colours to streamline production
CEO Elon Musk is scrambling to ramp up M3 production fast enough to turn a profit, and use that money for looming debt payments. Needham analyst Rajvindra Gill struck a extra cautious tone on Tesla , highlighting longer-time interval hurdles for the firm.

Apple launch 2018: everything we're expecting to be announced
Apple is reportedly trying to limit the availability of the new iPhone Xr to estimate the demand for the more premium versions. The flat white oval charges the iPhone, Apple Watch and AirPods at the same time without having to plug them in.

‘Extremely dangerous’ Hurricane Florence is now packing winds of 220 km/h
And with little wind shear to pull the storm apart, Florence's hurricane-strength winds were expanding. Satellite imagery shows hurricanes Florence, Isaac , and Helene from space on September 10, 2018 .

New York Jets Andre Roberts' tightrope touchdown against Detroit Lions
He was also the first quarterback to win his first start by 31 or more points since Tom Brady in 2001, per ESPN Stats & Info. Detroit coach Matt Patricia, meanwhile, will want to forget his debut as an National Football League head coach.