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Marc Benioff, founder of Salesforce.com Inc. and his wife Lynne has announced to acquire Time magazine for US$ 190 million in cash from Meredith Corp. Benioff has a net worth of $6.5 billion and serves as the co-chief executive officer of Salesforce. According to a statement, the deal is unrelated to the tech company, as the Benioffs are buying the media brand personally.
The Benioffs said in a statement, “We are honoured to be the caretakers of one of the world’s most important media companies and iconic brands.” “Time has always been a trusted reflection of the state of the world, and reminds us that business is one of the greatest platforms for change.”
Time, which was acquired by Meredith, known for publications such as Better Homes & Gardens, as part of its US$ 1.8 billion takeover of Time Inc. Meredith CEO Tom Harty said, “Time has been at the forefront of the most significant events and impactful stories that shape our global conversation. We know Time will continue to succeed and is in good hands with the Benioffs.”
Time which was founded in 1923, has been fighting with a decline in print advertising in recent years. But it continues to reach a total of more than 100 million readers in print and online. Its special editions, including Person of the Year, also remain closely watched releases.
