Meredith Corporation purchased Time Inc. for $2.8 billion, what does that mean for the media company based in Des Moines? Kelsey Kremer/The Register
Meredith Corp. has reached a tentative agreement to sell Time magazine for $190 million to Salesforce founder Marc Benioff.
In a news release Sunday evening, Meredith officials said Marc and Lynne Benioff were purchasing the title personally and that “the transaction is unrelated” to Salesforce. Marc Benioff is the founder, chairman and co-CEO of the sales, service and marketing software giant.
“Mr. and Mrs. Benioff will not be involved in the day-to-day operations or journalistic decisions, which will continue to be led by Time’s current executive leadership team,” the news release said.
Meredith acquired Time magazine as part of its $2.8 billion purchase of Time Inc. in January. That deal was largely motivated by a desire for increased scale on Meredith’s part.
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But leaders of the Iowa-based publishing company quickly put Time, Sports Illustrated, Fortune and Money magazines on the market. For decades, Meredith has specialized in monthly or quarterly service journalism titles like Better Homes and Gardens. And company leaders viewed the news-heavy titles with more frequent publication schedules as being outside its expertise. They were also among the lowest-performing titles acquired.
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“We’re pleased to have found such passionate buyers in Marc and Lynne Benioff for the Time brand,” Meredith President and CEO Tom Harty said in the news release. “For over 90 years, Time has been at the forefront of the most significant events and impactful stories that shape our global conversation. We know Time will continue to succeed and is in good hands with the Benioffs. We thank the Time team for its ongoing hard work and passionate commitment.”
Time magazine reaches a combined audience of more than 100 million readers in print and online, including over 50 million digital visitors and 40 million social followers each month. Its major franchises include the Time 100 Most Influential People, Person of the Year, Best Inventions, Genius Companies and World’s Greatest Places.
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