Martin Crutsinger, AP:
Time Magazine is being sold by Meredith Corp. to Marc Benioff, a co-founder of Salesforce, and his wife [Meredith], it was announced Sunday.
“We’re pleased to have found such passionate buyers in Marc and Lynne Benioff for the Time brand,” Meredith president and CEO Tom Harty said in a statement. “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. In an interview with The Wall Street Journal, Benioff said he and his wife were investing “in a company with tremendous impact on the world, one that is also an incredibly strong business. That’s what we’re looking for when we invest as a family.”
This sounds like fantastic news. The Washington Post has done well under Bezos’ wing and I’d expect Time to do well, too, under Benioff’s.