Business

Salesforce Owner Marc Benioff Buys Times Magazine For $190 Million

JAVED SAIFI | 0
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| September 17 , 2018 , 12:48 IST

Another tech billionaire has purchased a news publishing company. Meredith which acquired the Time Inc in January has sold the Time magazine to Salesforce co-founder Marc Benioff, media reported on Monday.

The Time Magazine has been sold to Benioff for $190 million in cash. 

According to reports, Meredith Corporation is looking to sell Time Inc publications portfolio to save $400 million to $500 million over the next two years and increase the profitability of its remaining portfolio of publications.

Benioff was quoted by Tech Crunch as saying, “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.”

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Benioff also said that he and his wife will not be a part of the Time Magazine operational decisions or editorial decisions.

Previously, Amazon Founder Jeff Bezos had purchased the Washington post- a news publishing company. He is successfully running the company for over 5 years.

The Time Magazine has been in existence since 1923 and has been world's largest circulation for a weekly news magazine. Its print edition has a readership of 26 million, of which 20 million are in the United States.