Buy Time Magazine for 2.6 Billion, Sell it for 190 Million?
Salesforce chairman Marc Benioff and his wife, Lynne, have agreed to acquire Time magazine from Meredith Corp. for $190 million, reports The Wall Street Journal. The deal is expected to close within 30 days, and the couple won’t be taking on editorial roles at the magazine, the purchase is not connected to Salesforce. Meredith Corp. bought Time Inc. for $2.6 billion, just 8 months ago, with the publisher putting Time, Fortune, Money and Sports Illustrated magazines up for sale in March.
According to the New York Times, Benioff had no plans the buy Time magazine just two weeks ago.
