 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 and Technology Group Corp. has replaced CEO and former California Congressman Devin Nunes with Kevin McGurn, a seasoned media sales executive.
The Pittsburgh Post-Gazette is being bought by the Venetoulis Institute for Local Journalism, a nonprofit that is the parent organization of the Baltimore Banner... The British Broadcasting Corporation is axing approximately 2,000 jobs, about 10 percent of its work force... Snap, the company behind Snapchat, is also succumbing to layoff fever, announcing plans to lay off 16 percent of its employees, about 1,000 people.
CBS News Radio will go off the air on May 22, part of the axe-swinging managerial plan put into play by CBS editor-in-chief Bari Weiss... The Economist, which was first published in 1843, is changing hands. Canadian billionaire Stephen Smith has agreed to acquire a 26.9 percent stake in the publication from Lady Lynn Forester de Rothschild, her family and family foundation... Nexstar Media Group says it has closed its acquisition of TEGNA, the broadcast, digital media and marketing services company that was formed in 2015, when the Gannett Company split into two publicly traded companies.
USA TODAY brings on Jamie Stockwell as VP of news, effective March 30. Stockwell was most recently deputy managing editor of news for the Washington Post... YouTube expands its likeness detection capabilities to a pilot group of government officials, journalists and political candidates... The AP Fund for Journalism adds 50 news organizations to its local news program, bringing the total number of participating newsrooms to 100. 
Versant Media Group, the NBCUniversal cable TV spin-off, today reported its first financial results as 2025 revenues dipped 5.3 percent to $6.7B and standalone EBITDA dropped 9.1 percent to $2.2B.
