Business

Tech billionaire set to buy the Time Magazine

By September 17, 2018 No Comments

NEW YORK: A tech billionaire is set to buy America’s known publication, the Time magazine.

The move comes after the magazine was bought only eight months before by a US media group Meredith Corporation.

The Tech giant and owner of Salesforce.com, Marc Benioff along with his wife, Lynne Benioff as co-owner are buying the magazine for a reported sum of $190 Million.

In a statement, Meredith said the Benioffs “will not be involved in the day-to-day operations or journalistic decisions”.

Marc and Lynne Benioff

Mr Benioff,is chairman, co-chief executive and co-founder of the cloud computing firm Salesforce.com said that he and his wife have deep respect for the organisation and its iconic brand.

“The power of Time has always been in its unique storytelling of the people and issues that affect us all, and connect us all,” he tweeted.

Marc Benioff

@Benioff

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://money.cnn.com/2018/09/16/media/salesforce-marc-benioff-time-magazine/index.html 

Benioff, who according to Forbes is worth $6.7bn, is the latest tech figure adding up to a strong line of Tech moguls to try their hands in print publication.

Amazon chief executive Jeff Bezos bought the Washington Post in 2013. Last year, Laurene Powell Jobs, philanthropist and widow of Steve Jobs, acquired a majority stake in The Atlantic magazine.

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