Economy

Tech billionaire agrees to buy iconic Time Magazine

Tech billionaire agrees to buy iconic Time Magazine”

Billionaire Marc Benioff and his wife, Lynne, are buying Time magazine from the Meredith Corporation for $190 million, the company said in a news release Sunday.

Benioff, who is one of the four co-founders of the cloud computing pioneer, is personally purchasing Time from Meredith Corp., and the transaction is unrelated to Salesforce.com, the announcement said. The WSJ believes that the title reaches over 30 million people a month, while its current owners put that figure closer to 100 million.

The couple scoop up the media and marketing company that boasts 175 million U.S. consumers each month from Meredith Corporation, which ended up with the brand as part of its purchase of Time Inc in January this year.

They also told the newspaper that they won't have any day-to-day influence over the magazine's operations, nor will they have any journalistic input.

The fastest growing enterprise company of all time has taken a different path to the top.

Amazon founder Jeff Bezos, another wealthy tech giant, purchased The Washington Post in 2013 for $250 million.

Meredith had completed the purchase of Time along with other publications of Time Inc. earlier this year.

Meredith acquired Time in a deal valued at $2.8 billion as part of its purchase of Time Inc in January, shortly after which announced it was selling Time Inc's news and sports brands.

"Time has been at the forefront of the most significant events and impactful stories that shape our global conversation", Meredith CEO Tom Harty said. "We have deep respect for their entire organization, and are honored to now have Time as part of our family impact investment portfolio".

As previously announced, Meredith is also working to sell the Time Inc. publications - Sports Illustrated, Fortune and Money, "to focus on brands serving its core audience of American women".

Meredith plans to use proceeds from the transaction to pay down debt and expects to reduce its debt by $1 billion during fiscal 2019.



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