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Reed Phillips, a long-time investment banker specializing in media deals, said the purchase price was surprisingly high.
"For a business in decline, it's a big number," he said. "It seems like when billionaires buy media assets, it's almost like they make a non-profit donation. They do not do it as a money maker. It's no longer a cause.
Meredith had asked for up to $ 200 million for Fortune last May, said two people. Fortune enjoys a lucrative business in the field of conferences, but a large part of these profits comes from an event that it produces in China and for which a municipality pays most of the costs .
Sports Illustrated, which was priced at about $ 150 million, has attracted keen interest from many contenders, including sports figures, residents said. Endeavor, the powerful agency representing sports clients and Hollywood talent, considered purchasing the title but retreated after deciding that the magazine did not match its core business, according to a familiar person. discuss private discussions.
Mr. Benioff is the latest billionaire of technology to take the reins of a historic information brand. Jeff Bezos, general manager of Amazon, bought The Washington Post in 2013 and last year, Laurene Powell Jobs, who heads the Emerson Collective and is the widow of Apple's co-founder Steve Jobs , has acquired a majority stake in The Atlantic magazine.
The media also attracted billionaires focused on philanthropic activities. Benioff spoke about the gender pay gap and protested against an Indiana law that critics described as discriminating against homosexuals and transgender people. He said he would stay away from Time's editorial decisions.
But the reemergence of billionaire media owners is not a sign that the media profession is rebounding, said Kyle Pope, editor of Columbia Journalism magazine.
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