• Sunday, August 14, 2022

Business

Meredith Sells Time Magazine to Founders of Salesforce.com for £144.65 Million

Meredith Sells Time Magazine to Founders of Salesforce.com for £144.65 Million (Photo Credit: ERIC BARADAT/AFP/Getty Images).

By: Radhakrishna N S

Meredith Corporation has announced that it has entered into a definitive agreement to sell the Time media brand to the founders of Salesforce.com, Marc and Lynne Benioff for £144.65 million in cash. The transaction is expected to close within a month. The Benioffs are purchasing Times personally and the transaction is unrelated to Salesforce.com, where Benioff is Chairman, Co-CEO, and founder. Marc Benioff and his wife Lynne will not be involved in the day-to-day operations or journalistic decisions, which will continue to be led by Time’s current executive leadership team. Times is a global, breaking news multimedia brand that reaches a combined audience of…

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