Almost eight months after Meredith Corp. completed its purchase of Time Inc., the publisher has agreed to sell Time magazine for $190 million to Marc Benioff, co-founder of Salesforce.com, and his wife Lynne Benioff.
Benioff will focus on vision and innovation around technology, culture and marketing, while Block will focus on growth, executing and operations, the company said at the time.
In a memo to the magazine's staff, Time's editor in chief, Edward Felsenthal, said he was "thrilled" with the news. But it continues to reach a total of more than 100 million readers in print and online.
The Time transaction immediately called to mind Jeff Bezos's purchase of The Washington Post for $250 million.
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Sharing the objective, Benioff in an interview with The Wall Street Journal, said that they were investing the company with tremendous impact on the world.
The power of Time has always been in its unique storytelling of the people & issues that affect us all & connect us all.
"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. "Meredith will also be able to include the Time brand in large corporate advertising buys". "We thank the TIME team for its ongoing hard work and passionate commitment".
The media conglomerate said it plans to use the money from the sale to pay down debt, with the goal of cutting its debt by $1 billion during the upcoming fiscal year. A Meredith spokeswoman said in media reports that deals for the other three titles are expected to be announced in the "near future".