Silicon Valley billionaires Marc and Lynne Benioff have agreed to purchase Time magazine for $190 million, according to The Washington Post.
Meredith Corp. recently purchased Time Inc. for 2.8 billion, in turn selling the company’s flagship magazine to Benioff, who owns Salesforce.com.
But that price tag Time has been struggling consistently to stay profitable during the internet era. The magazine will reportedly have no connection to Salesforce.com, and will instead be a personal holding of the Benioffs. As reported by Forbes, Marc Benioff has a personal fortune of $6.7 billion.
“Time is a treasure trove of the world’s history and culture… We have deep respect for your entire organization and are honored to now have Time as part of our family impact investment portfolio,” said Marc Benioff in a statement posted by Time editor Edward Felsenthal.
Thanks for reading InsideHook. Sign up for our daily newsletter and be in the know.
