Marc Benioff, the CEO, and Co-Founder of the famous cloud computing company Salesforce.com and his wife Lynne have decided to buy TIME media brand from Meredith Corporation for $190 million in cash. This deal will make Benioffs’ the owners of America’s most iconic news magazine.
It is to be noted that this acquisition will stay off from Salesforce.com and will be a personal deal of Benioffs’.
Meredith Corporation in March said that the firm is considering to sell TIME media brand to save $400 million to $500 million in the next couple of years. On selling the famous TIME magazine, the company said money from the sale will be used to pay off their debt and it also expects to reduce its debt by $1 billion in FY 2019.
Marc Benioff told the Wall Street Journal that he and his wife will not be involved in Time’s daily operations or editorial decisions and added that “we’re investing in a company with tremendous impact on the world, one that is also an incredibly strong business. That’s what we’re looking for when we invest as a family.”
Edward Felsenthal, the Editor in Chief of TIME Inc., on a note to his fellow staffs said “From the first moments we sat down with Marc and Lynne to discuss TIME’s future, we knew that this was not just a meeting of minds and business goals, it was a confluence of purpose. The Benioffs have a profound commitment to community and to finding solutions to some of society’s most complex problems, whether it’s building children’s hospitals or tackling homelessness. They are also committed, as TIME is, to the sharing and debating of competing ideas and to journalism of the highest quality.”
The deal is expected to close within the next 30 days.
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