Salesforce founder Marc Benioff Buys ‘Time’ Magazine For $190 Million

Founder and CEO of Salesforce, Marc Benioff and his wife, Lynne have agreed to purchase “TIME” magazine.

This was revealed via an announcement by Time’s parent company, Meredith Corporation. Meredith Corporation stated that the Benioffs are willing to buy the weekly publication for $190 million in cash.

Mr Benioff is following the footsteps of other tech billionaires in their acquisition of media companies. Amazon’s founder and CEO Jeff Bezos bought “The Washington Post” in 2013 while Steve Jobs’ widow, Laurene, agreed to acquire a majority stake in “The Atlantic” magazine through her organisation Emerson Collective last year.

Asked where he got the idea of the company in a discussion with “The New York Times”, he said “I have been speaking with the C.E.O. of Meredith since he bought Time Inc. about all of his assets. He added that he was interested in the potential of the company. “Time is the best fit for us. I really liked the Meredith team, and I definitely wanted to do something with them. It just wasn’t clear what it was. When Time emerged as the candidate we all felt it was right. That took nine months to figure out.”

Marc Benioff claims he would not be involved operationally in running the company.