On Sunday, September 16, Meredith Corporation, a media and marketing company who currently owns Time Media Brand announced their plans of selling the latter to the American billionaire and Salesforce.com CEO, Marc Benioff and his wife Lynne.
Earlier this year, Meredith Corporation acquired Time Inc. for $2.8 billion making them the legal owners of Time Magazine. But due to some circumstances, the media company decided to sell the latter.
After eight months, the media corporation is now handing over the company to Mr. Marc Benioff and his wife for the amount of $190 million. The Benioff’s bought the company but the purchase of Time is as individuals and Salesforce.com were not related to the said purchase. The media company added that the money coming from the sale is to pay down its debts, which Meredith reported around $2.7 billion.
Though Time Inc. will have its new owner, the management will still be the same- as part of the agreement. New owners Marc and Lyanne are not going to be part of its “day-to-day operations” and “journalistic decision.”
Along with modern with the modern phase, Time Inc. has plans on cutting its printing costs to make way for its digital interests. With over 31.7 million audiences around the world, Time proved that it is one of the biggest media companies.
Richard Stengel, a former managing editor of the magazine said that Time has always presented its magazines in a very American point of view.