Nearly eight months after purchasing Time Inc., publisher Meredith Corp has agreed to sell Time magazine for $190m to tech billionaire Marc Benioff, also the co-founder of Salesforce.com, and his wife Lynne.
As part of the transaction, Meredith will provide short-term business continuity services and entered into a multi-year agreement with the Benioffs to provide services such as consumer marketing, subscription fulfillment, paper purchasing and printing.
The proposed sale is expected to close within 30 days.
Confirming the development, Benioff toldf media, “We’re investing in a company with tremendous impact on the world, one that is also an incredibly strong business. That’s what we’re looking for when we invest as a family.”
“For over 90 years, TIME has been at the forefront of the most significant events and impactful stories that shape our global conversation,” said Tom Harty, Meredith’s chief executive, in a statement. “We know TIME will continue to succeed and is in good hands with the Benioffs.”
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