Time newspaper bought by Salesforce co-founder, Marc Benioff - Eaglesinvestors

Salesforce co-founder, Marc Benioff, pays $ 190 million in cash

Does the future of the American media play on the side of the billionaires of Silicon Valley? The acquisition of Time newspaper by Marc Benioff and his wife Lynne is an example of this. On Sunday, media group Meredith announced it had signed the bill of sale of the famous weekly for 190 million dollars, paid in cash. The transaction completed within thirty days!

“Time newspaper is a treasure trove of American history and culture. We have great respect for this wording”. These are the words of the Benioff couple, relatives of the Obama family. $ 7 billion, this is an estimation of the fortune of this family. However, Time newspaper will not be in the business of Salesforce, the leading provider of CRM software for businesses. This is a personal investment for the Benioffs, who, according to the terms of the agreement, will not interfere with the editorial or the management of the Time newspaper on a daily basis.

Time newspaper

Marc Benioff buys Time newspaper

Like Jeff Bezos before him, the boss of Salesforce puts his hand, in a personal capacity, on a media of general information. Now Marc Benioff  looks at the Time newspaper with a large interest. A $ 190 million interest.
The famous weekly magazine is known worldwide for its personality of the year but it changes hands once again. Meredith Corp. acquired in late January Time Inc. In the months that followed, the media giant said it was looking for buyers for four of the newly acquired titles, including Time newspaper. So to focus on the brands serving its core target, American women.”

Among the buyers to have come forward, Marc and Lynne Benioff. The couple found common ground with Meredith and announced with a public statement. It was for the modest sum of $ 190 million. “We have a deep respect for their organization and we are honored to be the guardians of this iconic brand,” tweeted Marc Benioff.

Time newspaper and Political objective

Time newspaper and its writing will retain their independence. “Mr. and Mrs. Benioff will not be involved in day-to-day operations or journalistic decisions,” says Meredith. As far as we know, the CEO of Salesforce will not be personality of the year (In the immediate future). Likewise, Jeff Bezos, also a media mogul with his 2003 Washington Post buyout, was Person of the Year 1999.

If Marc Benioff does not explain the reasons for this acquisition, some may look at it beyond a business decision. However, the philanthropist opened a children’s hospital in San Francisco and donated $ 11.5 million to an organization helping homeless families find housing. He also erected the SalesForce Tower, the tallest tower in the Californian city, of which he is one of the first employers. It is not impossible that Marc Benioff is targeting the to become California governor or San Francisco city council.

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