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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: 4, Interesting) by PartTimeZombie on Monday September 17 2018, @09:34PM (3 children)

    by PartTimeZombie (4827) on Monday September 17 2018, @09:34PM (#736210)

    I'm old enough to remember a time when the President of the United States was competent enough that his staff did not feel the need to conspire against him.

    I am also old enough to remember a time when the President of the United States demanded loyalty to the United States, not personal loyalty to the actual President.

    Starting Score:    1  point
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  • (Score: 2, Funny) by Anonymous Coward on Monday September 17 2018, @09:45PM (1 child)

    by Anonymous Coward on Monday September 17 2018, @09:45PM (#736220)

    Woah. Another immortal! What was George Washington like? Did you get to meet him?

    • (Score: 2) by PartTimeZombie on Tuesday September 18 2018, @12:48AM

      by PartTimeZombie (4827) on Tuesday September 18 2018, @12:48AM (#736313)

      He was alright I suppose. Wouldn't shut up about some apple tree, but he had nice teeth.

  • (Score: 0) by Anonymous Coward on Tuesday September 18 2018, @03:07AM

    by Anonymous Coward on Tuesday September 18 2018, @03:07AM (#736359)

    As long as the United States have existed, the president has had the executive power vested in his person. The president is the boss of the entire executive branch, so his subordinates do owe him loyalty (besides of course working for the good of the country). If his staff are disloyal, he can can them. Congress has tried to interfere in the past with measures like the "Tenure of Office Act, as a result of which President Andrew Johnson got impeached after firing a congressional mole in his cabinet. But by the time of publication of my copy of Magruder's American Civics, the personnel authority of the president was only curtailed in departments that were rule-making and not purely executive in character.