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Salesforce founder Marc Benioff and his wife Lynne Benioff purchase Time Magazine from Meredith Corporation for $ 190 million. Edward Felsenthal, the editor of Time, told the staff, saying, "The Benioffs will have time as a family investment." He added that Time Magazine will have no link with Salesforce and will work independently. Felsenthal also added that Marc and Lynne Benioff will not run the business. Meredith Corporation has indicated that the transaction is expected to close in the next 30 days.
The agreement was initially reported by The Wall Street Journal and the report pointed out that Time Magazine will "build a new business" to run the business. It's been nearly eight months since Meredith finalized its purchase of Time Inc. Marc took Twitter to add: "We have a deep respect for their organization and are honored to be the guardians of this iconic brand" while announcing the transaction. As indicated by a report of The New York Times, it is not the first time that a technology billionaire takes the reign of an iconic media brand recalling the 2013 agreement, where the founder and CEO of Amazon, Jeff Bezos, bought The Washington Post.
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One thing to note here is that Meredith pointed out that Marc and Lynne do not look at private capital returns. Instead, they are likely to help the magazine make the transition to the digital world without involving them in editorial decisions.
The Benioffs also issued a statement in which they add: "We are honored to be the guardians of one of the world's leading media companies and iconic brands," the paper added. reminds us that the company is one of the biggest change platforms.
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