Marc Benioff, Salesforce Founder, Buys Time Magazine
*By Conor White*
Just eight months after finding a new home, Time magazine is moving again. Salesforce founder and Co-CEO Marc Benioff and his wife Lynne are purchasing the magazine from Meredith Corp. for $190 million.
The deal should be welcome for employees of the venerated title, according to Chandra Steele, senior features writer at PC Mag.
"Media in general is tenuous, but if you really don't know what's going to happen in the future, this is a nice cash infusion," she explained in an interview on Cheddar. "It's somebody who has experience with data and analytics and I think that's what Time needs right now."
Meredith, which owned Better Holmes and Gardens and Family Circle before buying Time Inc. earlier this year, said in May it planned to divest iconic titles like Time, Sports Illustrated, and Fortune. In Sunday's announcement, Time said the Benioffs will not be involved in the day-to-day operations of Time and will have no editorial impact. They made the purchase in an individual capacity, not as part of Salesforce.
This wouldn't be the first time a giant in the tech world got in on the media business. The Washington Post is now owned by Amazon CEO Jeff Bezos, and The Los Angeles Times was recently purchased by Dr. Patrick Soon-Shiong, one of the richest men in LA. In an interview Monday on Cheddar, Steele said purchases like these can only be seen as positive for legacy media organizations, which have struggled in the digital age.
"We have to realize that print is something that's beneficial to everyone," Steele noted. "It's great to have digital, but I think that these billionaires are realizing that there's benefit to that."
Steele said that Benioff is unlikely to shut off the printing presses or make the dreaded "pivot to video."
"The thing with Time is its cover is so iconic," she said. "A lot of times you'll see things go from print to just digital, I don't think that's an option for Time really."
For full interview [click here](https://cheddar.com/videos/time-magazine-gets-new-owner).
Bambu Ventures's Kyle Pretsch dives into Lemonaid’s $10M buyout, down from 23andMe’s $400M price tag, and what’s next after Chrome Co.’s dramatic pivot.
Former Cisco Systems CEO John Chambers learned all about technology’s volatile highs and lows as a veteran of the internet’s early boom days during the late 1990s and the ensuing meltdown that followed the mania. And now he is seeing potential signs of the cycle repeating with another transformative technology in artificial intelligence. Chambers is trying take some of the lessons he learned while riding a wave that turned Cisco into the world's most valuable company in 2000 before a crash hammered its stock price and apply them as an investor in AI startups. He recently discussed AI's promise and perils during an interview with The Associated Press.
Grove Collaborative’s CEO shares how the company is reinventing everyday goods with sustainability at the core and working toward a plastic-free future.
Atlanta Mayor Andre Dickens shares plans for affordable housing, community-led growth, and why private and public grocery stores could be key to food equity.
Tesla reported a surprise increase in sales in the third quarter as the electric car maker likely benefited from a rush by consumers to take advantage of a $7,500 credit before it expired on Sept. 30. The company reported Thursday that sales in the three months through September rose 7% compared to the same period a year ago. The gain follows two quarters of steep declines as people turned off by CEO Elon Musk’s foray into right-wing politics avoided buying his company’s cars and even protested at some dealerships. Sales rose to 497,099 vehicles, compared with 462,890 in the same period last year.
Tom’s Guide Editor-in-Chief Mark Spoonauer breaks down Apple & Amazon's latest product drops—what's hot, what's hype, and what really matters for users.
