Sales­force's Be­nioff to buy Time

India Business Journal - - GLOBAL WRAP-UP -

Sales­ founder Marc Be­nioff and his wife Lynne have agreed to ac­quire the Time mag­a­zine from Mered­ith Corp for $190 mil­lion in cash. The move thrusts the brash 53-year-old en­tre­pre­neur, who helped lead the shift of soft­ware to an on-de­mand model, into a new role as me­dia baron. It is a trans­ac­tion rem­i­nis­cent of Mr Be­zos's $250-mil­lion ac­qui­si­tion of the Wash­ing­ton Post in 2013. The Time, founded in 1923, has con­tended with a de­cline in print ad­ver­tis­ing in re­cent years. But it con­tin­ues to reach a to­tal of more than 100 mil­lion read­ers in print and on­line.

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