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Time Magazine is sold by Meredith Corp. to Marc Benioff, co-founder of Salesforce, and his wife.
The Wall Street Journal reported that the current news magazine is selling $ 190 million to Benioff, one of the four co-founders of Salesforce, a pioneer in cloud computing.
The sale is almost eight months after Meredith Corp. finalized the purchase of Time Inc.
Meredith, publisher of magazines such as People and Better Homes & Gardens, had put up for sale four Time Inc. publications in March. Negotiations for the sale of the other three publications – Fortune, Money and Sports Illustrated – are continuing.
The potential sale should be completed within 30 days. In an interview with the Journal, Benioff said he and his wife were investing "in a company with a tremendous impact on the world, an incredibly strong business. This is what we are looking for when we invest in family. "
The purchase of Time by Benioff continues the trend of acquisitions of old media institutions by wealthy giants of technology. The Washington Post was bought by Amazon's founder Jeff Bezos in 2013 for $ 250 million.
Like other magazines, time has been affected by the steady decline in print advertising and newsstand sales.
Time, launched by Yale University graduates Henry Luce and Briton Hadden, went on sale for the first time in March 1923. The two men first worked together on the Yale Daily News.
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