United States-based media company Meredith Corporation, which bought the Time magazine brand in January, is now selling it to billionaire couple Marc and Lynne Benioff for $190 million (Rs 1,378 crore). The Benioffs are buying the brand at a personal level – the transaction is unrelated to technology company Salesforce, which Marc Benioff founded. The deal is likely to be finalised in a month, Meredith Corporation said.
In November 2017, the media company had said it was buying Time Inc, which publishes Time magazine, in a transaction valued at $2.8 billion. Meredith is owned by right-wing billionaire brothers Charles and David Koch. The deal was closed in January.
The Benioffs will not be involved in the day-to-day operations or journalistic decisions, Meredith Corporation said on Sunday. The company plans to use proceeds from the transaction to pay debt and expects to reduce its debt by $1 billion by next year.
Marc Benioff said on Twitter that the couple was “honoured to be stewards of this iconic brand”. “The power of Time has always been in its unique storytelling of the people and issues that affect us all and connect us all,” he said. “A treasure trove of our history and culture.”
Benioff has a net worth of $6.5 billion and serves as the joint chief executive officer of Salesforce.
He is not buying other Time Inc magazines such as Fortune, Money, and Sports Illustrated, which the Meredith Corporation wants to sell as well.
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