Deals
Time Magazine Acquired by the Benioffs, Founders of Salesforce.com
- Entrepreneur and wife to purchase publication for $190 million
- Meredith has sought to sell magazine since acquiring Time Inc.
Salesforce.com Inc. founder Marc Benioff and his wife Lynne agreed to acquire Time magazine from Meredith Corp. for $190 million in cash, joining Jeff Bezos among tech billionaires buying venerable print publications.
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: media baron.