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Co-Founder of Salesforce Buys Time Magazine for $190 Million

posted by martyb on Monday September 17 2018, @06:41PM   Printer-friendly
from the AOL-Time-Warner dept.

Phoenix666 writes:

Phys.org:

Time Magazine is being sold by Meredith Corp. to Marc Benioff, a co-founder of Salesforce, and his wife, it was announced Sunday.

Meredith announced that it was selling Time magazine for $190 million in cash to Benioff, one of four co-founders of Salesforce, a cloud computing pioneer.

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

The Benioffs are purchasing Time personally, and the transaction is unrelated to Salesforce.com, where Benioff is chairman and co-CEO and co-founder. The announcement by Meredith said that the Benioffs would 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.

Tech wealth continues to swallow up old media. Will old media improve?

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  • (Score: 2) by All Your Lawn Are Belong To Us on Monday September 17 2018, @09:18PM (1 child)

    by All Your Lawn Are Belong To Us (6553) on Monday September 17 2018, @09:18PM (#736195) Journal

    And I didn't know old media needed improvement. Unless you're speaking of old media returning to its roots of being more about journalism and less about entertainment.

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  • (Score: 2) by arslan on Tuesday September 18 2018, @05:50AM

    by arslan (3462) on Tuesday September 18 2018, @05:50AM (#736400)

    It is code word for the uber rich. They use media as an outlet to push their private agenda. Once your rich beyond a threshold, it is all about power and influence. Buying a media outlet is probably in the handbook under the quick and easy win section.