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Phoenix666 [soylentnews.org] writes:

Phys.org [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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