Meredith Corp. agrees to sell Time Magazine for $190M | TheHill
18 September, 2018, 04:28
The Benioffs' purchase of Time will be kept separate from Salesforce, and the couple plans to take a hands-off approach to managing the magazine. Felsenthal also added that Marc and Lynne Benioff will not operate the business. "While they will not be operators of the business, we are extremely fortunate to have Marc and Lynne's guidance and mentorship as we set out to build a new company".
The purchase of Time by Benioff continues a trend of acquisitions of old-line media institutions by wealthy tech titans, such as the Washington Post's purchase by Amazon founder Jeff Bezos in 2013 for $250 million.
Meredith said the deal is expected to close in the next 30 days.
Print advertising is on the decline and Time cut circulation down from 3 million to 2.3 million earlier this year, according to the Alliance for Audited Media.
"One of the first challenges Marc and Lynne gave us is to think big, really big. What will it mean to people decades from now?"
TIME's major franchises include the TIME 100 Most Influential People, Person of the Year, Best Inventions, Genius Companies, World's Greatest Places, and more. The lifestyle and women's publishing giant said it would sell off titles that were not compatible with its existing titles.
Meredith has reached a "multi-year" agreement with the Benioffs "to provide services such as consumer marketing, subscription fulfilment, paper purchasing and printing", it said.
Meredith management has said that it's selling Fortune, Sports Illustrated and Time because they have different audiences and advertisers than most of its other magazines - a collection that focuses on entertainment, food, lifestyle, home, parenting, beauty and fashion.
Meredith said it will use proceeds from the deal to pay its debts, with the goal of reducing its financial obligations by $1 billion during fiscal 2019. The Benioffs are buying the media brand personally.
The announcement by Meredith said that the Benioffs would not be involved in the day-to-day operations or journalistic decisions at Time.
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