Time Magazine Has Been Sold For $190M
Time magazine has been sold again, this time to billionaire Marc Benioff and his wife. It has barely been eight months since it was sold to US media group Meredith Corporation.
Benioff, the co-founder of Salesforce.com, and his wife are officially the owners of Time Magazine and they paid $190m [N68.76b] for it.
Meredith has relinquished the reins just barely eight months after purchasing it. The sale of Time magazine is a trend in the selling of old-line media by tech giants owners. The Washington Post was sold in 2013 for $250m [N90.6b] to Amazon founder Jeff Bezos.
Time, like other magazines, has struggled with continued declines in print advertising and newsstand sales.