The Co-founder of Salesforce Marc Benioff is a billionaire and with his wife both are buying Time magazine from Meredith Corporation for $190 million in cash. The acquisition will have nothing to do with Salesforce since the Benioffs have officially announced that it is a personal decision. Also, Marc will not be involving himself day to day operations. In other words, he won’t be taking any journalistic decisions. The deal is currently in progress and is expected to close by a time frame of 30 days.
Marc called the magazine a treasure trove of the country’s history and culture. Clearly, he has immense respect for the magazine and it is evident that he will take good care of this firm. He also mentioned that he has a deep respect for the organization and is honored to be stewards of the iconic brand. All his tweets have made it clear that he has some good plans. Even the editor, Edward Felsenthal welcomed both Benioffs with a warm feeling and he feels the guidance with the mentorship of the Benioffs will guide the organization to build itself in the market. He also added that one of the first challenges that Marc and Lynne will give is to think big, really big. The entire organization is not just thinking five years ahead but is planning things for 2040. The organization wants to make it big after decades and is expecting people to value it at a very high level, let’s see what happens.