Time Magazine Will Soon Have A New Owner

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 US media group Meredith Corporation.

Benioff, the co-founder of Salesforce.com, and his wife are personally buying Time for $190m [N68.76b]
The soon-to-be former owner, Meredith said the Benioffs “will not be involved in the day-to-day operations or journalistic decisions”.

BEVERLY HILLS, CA – JANUARY 09: Host Committee Marc Benioff (L) and Lynne Benioff attend the 5th Annual Sean Penn & Friends HELP HAITI HOME Gala Benefiting J/P Haitian Relief Organization at Montage Hotel on January 9, 2016 in Beverly Hills, California. (Photo by Alberto E. Rodriguez/Getty Images for J/P HRO)

The ownership deal could close within a month but must first get regulatory approval.
Mr Benioff – who is chairman, co-chief executive and co-founder of the cloud computing firm Salesforce.com – said that
“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.