Time, the weekly newsmagazine of the 20th century, is being sold by Meredith to Marc Benioff, who is a co-founder of Salesforce, and his wife Lynne.
Meredith Corporation, Time's parent company, on Sunday made the announcement that it was selling the flagship publication for $190 million cash to Benioff, one of four co-founders of Salesforce, a cloud computing pioneer.
The Benioffs are purchasing Time personally, and the transaction is unrelated to Salesforce.com, where Benioff is chairman, co-chief executive and co-founder, reports said.
The announcement stated that Benioffs would not be involved in day-to-day operations or journalistic decisions at Time. Those decisions decisions will continue to be made by Time’s current executive leadership team, it said.
“We’re pleased to have found such passionate buyers in Marc and Lynne Benioff for the Time brand,” Meredith president and chief executive Tom Harty said in a statement.
“For over 90 years, Time has been at the forefront of the most significant events and impactful stories that shape our global conversation.”
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