Time Magazine sold for $190 million from $1.8 billion a year ago

Popular news magazine Time Magazine sold for $190 million by US media giant,  Meredith Corporation. This is according to a report in The Wall Street Journal.

Time Magazine sold for $190 million from $1.8 billion a year ago

Marc Benioff, co-founder of the cloud computing company Salesforce.com, and his wife Lynn Benioff are purchasing the publication, they confirmed to the Journal. The proposed sale to the Benioffs is expected to close within 30 days and will be unrelated to Salesforce.com

They also told the newspaper that they won’t have any day-to-day influence over the magazine’s operations, nor will they have any journalistic input.

“We’re investing in a company with tremendous impact on the world, one that is also an incredibly strong business. That’s what we’re looking for when we invest as a family,” Marc Benioff told the newspaper.

He added that Time is the only magazine they are planning to purchase from Meredith.

READ ALSO
Uber Banned in York as council refuses to renew license
Time Magazine sold for $190 million from $1.8 billion a year ago

The couple will be taking over Time amid a turbulent time for print publications.

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.

However, the Benioffs said they’re hopeful given Time’s large audience and expanded online presence.

Time.com has 31.7 million multi-platform, unique visitors in July 2018, a hike from the 27.4 million who visited its platforms during the same period in 2015, according to media measurement firm comScore Inc.

“The power of Time is its unique story telling of the people and issues that affect us all and connect us all,”  Lynn Benioff said.

The deal comes roughly eight months after Meredith Corp., a publisher with ties to GOP mega-donor Charles Koch, purchased Time Inc. for $1.8 billion.

 

READ ALSO – Jennifer Lopez sexy and wows for Marie Claire-Men come & go but my girlfriends are always there



Stay Connected , follow us on: Facebook: @creebhillsdotcom, Twitter: @creebhillsblog, Instagram: @creebhills, Pinterest: @creebhills Telegram: creebhills

To place an advert/sponsored post on our site, contact us via [email protected], [email protected]
Previous articleWhite British girl held prisoner by Muslim grooming gang for 12 years and forced to have 8 abortions
Next articleKhloe slams Wizkid for shading his first two babymamas, calling them hungry hoes
Pro Blogger, Online Content Developer with over 3 years of experience

LEAVE A REPLY

Please enter your comment!
Please enter your name here