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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: 0) by Anonymous Coward on Monday September 17 2018, @09:58PM (1 child)

    by Anonymous Coward on Monday September 17 2018, @09:58PM (#736227)

    all of those story links will probably vanish now like usual when one company gobbles up another.

    These guys know their stuff:

    https://old.reddit.com/r/DataHoarder/ [reddit.com]

  • (Score: 2) by takyon on Monday September 17 2018, @10:13PM

    by takyon (881) <takyonNO@SPAMsoylentnews.org> on Monday September 17 2018, @10:13PM (#736240) Journal

    Petabyte drives can't come fast enough.

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    [SIG] 10/28/2017: Soylent Upgrade v14 [soylentnews.org]