Tech Billionaire, Wife to Buy Time for $190M

Benioffs set to become mag's 2nd owners in a year
By Rob Quinn,  Newser Staff
Posted Sep 17, 2018 2:40 AM CDT
Marc Benioff, Chairman & CEO of Salesforce.com, poses in Hawaii.   (AP Photo/Chris Stewart)
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(Newser) Time magazine is about to change hands for the second time in less than a year. In a deal awaiting the approval of regulators, Salesforce founder Marc Benioff and his wife, Lynne, are buying the 95-year-old magazine from Meredith Corporation for $190 million, CNBC reports. Meredith—which acquired Time Inc. late last year and began looking into selling some of the company's magazines within months—said in a statement that the Benioffs are buying the magazine "personally" and won't be involved in "day-to-day operations or journalistic decisions." Benioff, the latest tech billionaire to invest in print media, said in a statement that he and his wife had deep respect for Time and its "iconic brand," reports the BBC. (Read more Marc Benioff stories.)

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