Billionaire Marc Benioff to acquire TIME Magazine for $190 million

Salesforce co-founder, the billionaire Marc Benioff, has agreed to buy TIME Magazine for $190 million, the Wall Street Journal reports.

TIME Magazine, which is known for its iconic red-bordered covers, was bought as a part of Time Inc. by Meredith Corp. just 8 months ago for $2.8 billion.

Meredith is also reportedly looking to offload other Time Inc. publications like Fortune and Sports Illustrated.

The Time editor-in-chief, Edward Felsenthal, in a statement, shared that the team is excited to begin the new phase. He wrote:

On behalf of the entire TIME team, we are very excited to begin this next chapter in our history

We can’t imagine better stewards for TIME than Marc and Lynne Benioff. The team is inspired by their commitment to high-quality journalism and by their confidence in the work we have done to transform and expand the brand in new directions.

Benioff, too, on his Twitter, had praises for the magazine, describing it as a “treasure trove” of American “history and culture.

The power of Time has always been in its unique storytelling of the people & issues that affect us all & connect us all. A treasure trove of our history & culture. We have deep respect for their organization & honored to be stewards of this iconic brand. https://t.co/TsbcXhO1OU

— Marc Benioff (@Benioff) September 16, 2018