 Marc Benioff |
Salesforce CEO Marc Benioff and his wife, Lynne, are buying Time magazine for $190M cash from Meredith Corp, which acquired the Time Inc. magazine properties in January.
The new owners promise to stay away from the day-to-day operations and editorial direction of the magazine.
Meredith president Tom Harty said Meredith is "pleased to have found such passionate buyers in Marc and Lynne Benioff for the Time brand," which reaches 100M print and online readers monthly.
The Benioffs said in a statement they are honored to be the "caretakers of one of the world's most important media companies and iconic brands.
"Time has always been a trusted reflection of the state of the world, and reminds us that business is one of the greatest platforms for change," they said.
Meredith continues to look for buyers for Sports Illustrated, Fortune and Money to focus on its roster of women's magazines.
Trump Media & Technology Group today reported a $58.2M net loss on $4.1M in 2023 revenues, a disclosure that drove its stock price down 22.6 percent to $47.96.
Barry Pollack, an attorney at Wall Street’s Harris St. Laurent & Wechsler, has registered Julian Assange as a client with the Justice Dept. “out of an abundance of caution.”
Paramount Global to slash 800 jobs in what chief executive Bob Bakish calls part of an effort to “return the company to earnings growth"... Rolling Stone editor-in-chief Noah Shachtman is exiting at the end of the month due to disagreements with chief executive Gus Wenner over the direction the magazine is taking... The New York Times broke the $1 billion barrier in annual revenue from digital subscriptions in 2023... Press Forward is investing more than $500 million to strengthen local newsrooms.
The majority of news articles are read within the first three days of publication, according to a recent report.
The Los Angeles Times gives pink slips to 115 people or 20 percent of its newsroom staff... TIME is also laying off about 30 employees, which is approximately 15 percent of its editorial staff... The Baltimore Banner, which was launched by Stewart Bainum in 2022 after he failed to buy the Baltimore Sun, added 500 subscribers per day in the three days following Sinclair Broadcast Group's deal to purchase the Sun.
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