Posted on 09/16/2018 5:33:46 PM PDT by yesthatjallen
Media giant Meredith Corporation has agreed to sell Time Magazine for $190 million, The Wall Street Journal reported Sunday.
Marc Benioff, co-founder of the cloud computing company Salesforce.com, and his wife Lynn Benioff are purchasing the publication, they confirmed to the Journal. The proposed sale to the Benioffs is expected to close within 30 days and will be unrelated to Salesforce.com.
They also told the newspaper that they won’t have any day-to-day influence over the magazine’s operations, nor will they have any journalistic input.
“We’re 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,” Marc Benioff told the newspaper.
He added that Time is the only magazine they are planning to purchase from Meredith.
The couple will be taking over Time amid a turbulent time for print publications.
Print advertising is on the decline and Time cut circulation down from 3 million to 2.3 million earlier this year, according to the Alliance for Audited Media.
However, the Benioffs said they’re hopeful given Time’s large audience and expanded online presence.
Time.com has 31.7 million multi-platform, unique visitors in July 2018, a hike from the 27.4 million who visited its platforms during the same period in 2015, according to media measurement firm comScore Inc.
“The power of Time is its unique story telling of the people and issues that affect us all and connect us all,” Lynn Benioff said.
The deal comes roughly eight months after Meredith Corp., a publisher with ties to GOP mega-donor Charles Koch, purchased Time Inc. for $1.8 billion.
Time Magazine was one of four publications that Meredith put up for sale earlier this year, including Fortune, Money and Sports Illustrated.
“For over 90 years, TIME has been at the forefront of the most significant events and impactful stories that shape our global conversation,” said Tom Harty, Meredith’s chief executive, in a statement. “We know TIME will continue to succeed and is in good hands with the Benioffs.”
Folks looking for a tax writeoff?
Are Look and Life still around?
And in 2 years it will be sold for $1.9 million.
“Folks looking for a tax writeoff?”
Nothing else makes any sense.
And five years after that it will be sold for $1 like Newsweak was.
Buying Time for $190M? That’s a lot to pay for a dinosaur.
Either that, or monetize the old content. But except for the 1938 Man of the year copy and picture, I can’t see much value there.
190 mil? There’s a sucker born every minute. Good riddance
However, the Benioffs said they’re hopeful given Time’s large audience and expanded online presence.
Hope springs eternal.
Fool born every minute huh?
As I recall, Benioff is way out there
To say this far left POS won’t have any influence on content is BS
Just more lies from these frauds
It’s not worth ten cents.
That’s probably $189,000,099.00 more than it’s worth.
I’d call it $188 million for time.com and $2 million for the rag
It’s a leftwing rag. I wouldn’t pay 2 cents for it.
Newsweek was sold for one dollar.
[Folks looking for a tax writeoff?]
A Blog like Bezos.
Not worth the price of used toilet paper.
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