Salesforce co-founder, Marc Benioff agrees to buy TIME Magazine for $190 million, the Wall Street Journal reports.
8 months ago, Meredith Corp bought TIME Magazine for $2.8 billion from Time Inc.
However, Meredith is reportedly looking to offload the firm and other Time Inc. publications like Fortune and Sports Illustrated.
The Time editor-in-chief, Edward Felsenthal, in a statement, shared that the team is excited to begin the new phase.
On behalf of the entire TIME team, we are very excited to begin this next chapter in our history
We can’t imagine better stewards for TIME than Marc and Lynne Benioff.
The team is inspired by their commitment to high-quality journalism and by their confidence in the work we have done to transform and expand the brand in new directions.
However, Benioff confirmed the news on Twitter, with a tweet to honor the agency.
The power of Time has always been in its unique storytelling of the people & issues that affect us all & connect us all.
A treasure trove of our history & culture.
We have deep respect for their organization & honored to be stewards of this iconic brand.