- no operational responsibility" for the weekly outlet, and acquired it as an investment.
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Salesforce CEO Marc Benioff and his wife are buying Time Magazine for $190 million
In a note relayed by Time editor-in-chief Edward Felsenthal, Benioff said he and his wife would have "no operational responsibility" for the weekly outlet, and acquired it as an investment.
Salesforce CEO Marc Benioff and his wife Lynne Benioff will buy Time Magazine for $190 million.
The sale comes just eight months after Meredith Corp., which publishes such titles as People, Better Homes and Gardens, and Entertainment Weekly, completed its purchase of the iconic magazine.
Meredith also listed several other titles, including, Fortune, Money, and Sports Illustrated, though negotiations for those publications continue to drag on, according to the Wall Street Journal.
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The sale is expected to close with 30 days, according to the Journal, and the Benioffs are buying the outlet as individuals.
Time editor-in-chief Edward Felsenthal told staff in a letter on Sunday night the Benioffs would be acquiring the iconic magazine "
Benioff, the co-founder, CEO, and chairman of Salesforce, was ranked number 246 in Bloomberg's Billionaire Index. The 53-year-old's San Francisco-based cloud software provider reported revenue of $10.5 billion last year, according to Bloomberg.
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