Time magazine sold
September 17, 2018  10:23
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Meredith Corp. is selling Time magazine for 190 million USD in cash to Marc Benioff, co-founder of Salesforce and his wife.The Benioffs are purchasing Time personally, and the transaction is unrelated to Salesforce.com, where Benioff is chairman, co-CEO and co-founder, reported ABC News.


As per the announcement by Meredith, the Benioffs will not be involved in the daily operations or journalistic decisions at Time and the current executive leadership team of the magazine will continue to take care of these.


Meredith president and CEO, Tom Harty, in a statement said, "We're pleased to have found such passionate buyers in Marc and Lynne Benioff for the Time brand. For over 90 years, Time has been at the forefront of the most significant events and impactful stories that shape our global conversation."


The prospective sale is expected to close within 30 days. -- ANI


Image: Time Magazine was sold to Salesforce co-founder Marc Benioff.
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