Salesforce chief Marc Benioff, spouse Lynne to get Time.
The Benioffs said Sunday they're going to purchase the 95-year-old newsmagazine for $190 million from owner Meredith Corp., which place the name on the block in March. The purchase is anticipated to shut in 1 month.
“The energy of the time has been in its storytelling that is unique of individuals & problems that affect us all & link all of us. A treasure trove of our history & tradition. We now have deep respect due to their organization & honored to be stewards of the iconic brand name,” Marc Benioff penned on Twitter.
Marc Benioff co-founded Salesforce, now San Francisco’s biggest personal company, in 1999. The business is not active in the purchase. The Benioffs stated they won’t be involved with the editorial that is weekly’s.
“We are honored to end up being the caretakers of just one associated with world’s many important media organizations and iconic brands,” the Benioffs said in a statement.