Time magazine sold for $190 million to tech couple

Amazon’s Bezos on a 1999 Time cover

Meredith announced that it was selling Time magazine for $190 million in cash to Benioff, one of four co-founders of Salesforce, a cloud computing pioneer and an executive known for social activism.

Time magazine is changing hands once again, almost eight months after it was sold to United States media group Meredith Corporation.

Despite those reassurances, there will surely be some scrutiny about a Silicon Valley CEO taking over Time, a magazine that frequently covers subjects like technology's impact on society. "Mr. and Mrs. Benioff 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". "We have deep respect for their organization & honored to be stewards of this iconic brand", he added.

In another deal earlier this year, Tronc Inc sold the Los Angeles Times to billionaire investor Patrick Soon-Shiong in a US$500 million transaction, opening a new chapter for the 136-year-old newspaper.

Fortnite’s Port-a-Fortress is on the way to help bad builders
I imagine the Port-a-Fortress will offer something similar, adding some interesting structures to play around once you're inside.

Brooklyn: Huge fire breaks out in NY shopping mall vehicle park
The manager of a local auto dealership said he was anxious that some of its inventory could be damaged as a result of the fire. The multi-floor parking garage stores about 120 vehicles for a nearby auto dealership, according to Nigro.

Asia Argento Threatens #MeToo Activist Rose McGowan With Lawsuit
It is with genuine regret that I am giving you 24 hours to retract and apologise for the horrendous lies made against me. The Grindhouse actress is yet to publicly respond to the legal threat.

"Time has been at the forefront of the most significant events and impactful stories that shape our global conversation", Meredith CEO Tom Harty said. The Time deal is slated to close in the next 30 days. The couple is paying $190 million in cash for the 95-year-old newsmagazine, which now has 2 million subscribers (less than half of its peak circulation). "We know TIME will continue to succeed and is in good hands with the Benioffs".

"The Benioffs will hold TIME as a family investment", Time editor-in-chief Edward Felsenthal wrote in a memo to staffers.

Meredith bought Time magazine and the rest of Time Inc. last November.

The media conglomerate said it plans to use the money from the sale to pay down debt, with the goal of cutting its debt by $1 billion during the upcoming fiscal year. Meredith previously tried to acquire Time Inc.in 2013, but allegedly balked at bundling Time, Fortune, Sports Illustrated and other major titles into the deal. Time received interest from over 100 parties, Meredith says, and the other three publications are on the brink of being sold as well with deals expected to be announced in the "near future".

Related News:

Most liked

Death toll from Mexico City mariachi plaza shootout rises to four
However, the government says at least one gang has links to a major national trafficking group, the Jalisco New Generation Cartel. Until recently Mexico's capital had been safe from the organized crime-related violence wracking other parts of the country.

China to cancel talks if Trump moves ahead with tariffs, sources say
Some companies are looking to move out of China to dodge the tariffs, said Ted Murphy, a partner at the Baker McKenzie law firm. American industry has come out strongly against Trump's tariffs, saying cost increases could raise prices for consumers.

Manmarziyan stars Abhishek, Taapsee to be paired again?
On taking time off, Abhishek was asked if he took any acting advice from his father and Bollywood superstar Amitabh Bachchan. This love triangle " Manmarziyaan " released on Friday, let's see how have the audiences responded to the story.

Apple's AirPower Delayed Due to Overheating, Interference Issues: Sonny Dickson
The report says that AirPower has between 21 and 24 power coils of three sizes to charge the three device types. Needless to say, this is causing interference issues, and issues with communication between devices.

IOS 12 exits beta, improves performance on older devices
So you might have to delete some apps, or back up photos to the iCloud , in order to ensure enough space for the new update. The new iPhone XS, iPhone XS Max , and iPhone XR will run iOS 12 out of the box, when they go on sale from September 21.

Judge to decide if police officer's trial stays in Chicago
Van Dyke's lead attorney countered that the officer was confronting an "out-of-control individual who didn't care about anyone". Three Chicago Police Department officers were indicted in June 2017 for conspiring to cover up McDonald's shooting.

Bret Baier: Kavanaugh Allegation 'Politically Dangerous' for Both Parties
On Sunday, The Washington Post published an interview with Ford, who after months of soul-searching made a decision to go public. If there is credible evidence that Kavanaugh committed a crime, the American people deserve to know and Ford deserves justice.

Eagles' Doug Pederson: Carson Wentz is back!
Wentz's original goal was to be ready for the season opener September 6th against Atlanta, but had not been cleared for contact. During his time on the field, Wentz threw for 3,296 yards and 33 touchdowns. "Carson's not Superman.

WKYT to hold 'Kentucky Cares' relief drive for Hurricane Florence victims
The organization will be opening a shelter at Central Baptist Church, located in West Knoxville at 6300 Deane Hill Drive. What a difference a few days makes for the American Red Cross' Guy Triano and everyone else now in Florence's path.

Priyanka Chopra is all kisses for Nick Jonas on his birthday
The couple celebrated Nick's special day with family and friends at Angel Stadium in Anaheim, California . Video courtesy of my fellow Virgo sister in law @daniellejonas my lovely nieces singing me happy birthday.

British diver sues Elon Musk for $75,000 over 'pedo' claim
Later on September 4, however, Musk accused Unsworth of moving to Thailand to be with a bride who was about 12 years old. Add Elon Musk as an interest to stay up to date on the latest Elon Musk news, video, and analysis from ABC News.

Elon Musk’s The Boring Company operates a machine using an Xbox controller
In the clip below, you can see one of the Boring Company's three tunnel diggers being controlled by an Xbox One X controller . Vehicles would be carried through the tunnels on track-based electric sleds at speeds of up to 150 miles per hour .

N'Golo Kante spends evening with fans after missing train to Paris
Kante was linked with a potential move to Ligue 1 champions Paris Saint-Germain in the summer following Conte's dismissal. But after a discussion with Chelsea I realised that the main thing was to feel good where I was.

Tesla (TSLA) Given a $179.00 Price Target by Morningstar Analysts
The regular trading started at $33.44 but as the trading evolved, the stock receded, finishing the session with a gain of 0.78%. The shares of the company (T) staged the smart recovery as has roared back some 11.78% after stumbling to its new 52-weeks low.

Neymar smart to protect himself from injury -Klopp
I can see the benefits already. "We try to avoid passes to him". I don't know if it's possible to avoid his quality. He got a knock and we will see how that develops.