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Marc Benioff, the billionaire co-founder of the software vendor Salesforce (crm), plays a role in projecting his influence beyond Silicon Valley with the purchase of Time magazine.
The 53-year-old entrepreneur and his wife, Lynne, agreed to pay $ 190 million in cash to Meredith Corp. (mdp) for the venerable but difficult print publication, which fueled comparisons with Amazon's Jeff Bezos. Benioff, who has long sought to restore his image as a civic leader and is well known in the city of San Francisco, his home country, could gain greater national visibility in his new media role. (Meredith is the owner of Fortune.)
The transaction recalls the acquisition of $ 250 million from Bezos Washington Post in 2013. This acquisition earned Bezos a 140-year Pulitzer Prize-winning newspaper, but also placed it in the saddle of US President Donald Trump, who called the To post an "expensive lobbyist" for Amazon (amzn).
The Benioffs said they would not participate in the magazine's daily operations or journalistic decisions and planned to keep their current management team. Yet, at a time when Trump sees the traditional American media as his personal enemy, Marc Benioff's national profile can only grow with the agreement. Time He has presented Trump on his cover almost two dozen times since he announced his candidacy for the presidency – often accompanying critical articles. Benioff himself has been a virulent critic of Trump in public appearances and on his Twitter account, where he often shares his progressive views.
"We are honored to be the guardians of one of the world's leading media companies and iconic brands," said the Benioffs in a statement on Sunday. "Time has always been a reliable reflection on the state of the world and reminds us that the company is one of the biggest platforms for change."
Benioff, who has a net worth of $ 6.5 billion, is co-chief executive of Salesforce, but the deal is not tied to the tech company, according to the release. . Benioff personally buy the media brand. Benioff has expanded his influence through personal philanthropy and sponsorship of public projects in San Francisco. In May, his company officially opened Salesforce Tower, the tallest office building west of the Mississippi, that transformed the city's skyline. His company is the largest private employer in San Francisco.
Meredith, known for publications such as Better Homes & Gardensacquired Time as part of its $ 1.8 billion takeover of Time Inc. in January. But soon, some of the biggest titles of the company have been on sale, including: Illustrated Sports, Fortune and Time himself
Meredith said Sunday that agreements for other titles are expected in the "near future".
the the Wall Street newspaper previously reported on the Time transaction, which is expected to close in the next 30 days. TimeFounded in 1923, print advertising has declined in recent years. But it continues to reach more than 100 million readers in print and online. Its special editions, including Person of the Year, also remain in the limelight.
Meredith's management stated that it sold some of the acquired titles because they had audiences and advertisers different from most of its other magazines – a collection focused on entertainment, diet, lifestyle, home, parenthood, beauty and fashion.
"Time has been at the forefront of the most important events and compelling stories that shape our global conversation," said Tom Harty, CEO of Meredith. "We know that time will continue to succeed and is in good hands with the Benioffs."
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