Meredith Corporation has agreed to sell Time Media to Marc and Lynne Bennioff for $190 million. Marc Benioff is currently the chairman, co-CEO, and founder of Salesforce.com.
“The Benioffs are purchasing TIME personally and the transaction is unrelated to Salesforce.com,” Meredith said in their announcement of the sale. “Mr. and Mrs. Benioff will not be involved in the day-to-day operations or journalistic decisions, which will continue to be led by TIME’s current executive leadership team.”
According to Meredith, the Time brand currently has more than 100 million readers in both their print and online properties, including more than 50 million digital visitors and 40 million social followers each month. They will be providing the company short-term continuity services, as well as having entered into a long-term contract to provide marketing, subscription fulfillment, printing, and including Time in their own large corporate advertising buys.
“We’re pleased to have found such passionate buyers in Marc and Lynne Benioff for the TIME brand,” said Meredith President and CEO Tom Harty. “For over 90 years, TIME has been at the forefront of the most significant events and impactful stories that shape our global conversation. We know TIME will continue to succeed and is in good hands with the Benioffs. We thank the TIME team for its ongoing hard work and passionate commitment.”
Meredith acquired Time in January of 2018, and announced almost immediately they would be selling the news and sports brands, including Time, Sports Illustrated, Fortune, and Money.
“On behalf of the entire TIME team, we are very excited to begin this next chapter in our history,” said TIME Editor-in-Chief Edward Felsenthal. “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.”
Meredith will be using the funds to help pay down debt.