Time Sold for $190 Million
CBJ — Iconic Time Magazine is being sold by Meredith Corp. to Marc Benioff, a co-founder of Salesforce, for $190 million.
The transaction is unrelated to Salesforce.com, a cloud computing company, where Benioff is chairman and co-CEO and co-founder. Benioff will 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.
Meredith Corp. is also the publisher of such magazines as People and Better Homes & Gardens. It is currently in negotiations to sell three other publications — Fortune, Money and Sports Illustrated.
The first issue of Time magazine came out in March, 1923.