Time magazine sold for $ 190 million
The US businessman, Mark Benyouf and his wife Lynn, are planning to buy Time magazine in a $ 190 million deal, according to a statement by Meredith Corporation, which owns the magazine.
Mark Benioff and his wife “will personally take over Time and have nothing to do with the Cellzvors.com group headed by Benioff,” Meredith Corporation said, adding that Benyouf would not interfere with the newspaper’s work, and that editorial decisions “will remain in the hands of the current management team . “Time’s strength lies in its unique way of addressing the personalities and themes that affect us all and connect us. The magazine builds up our history and culture. We have every respect for its management and we are honored to be invaluable to this landmark,” he wrote on Twitter.
“On behalf of the entire Time Team, we are very excited to start this new chapter of our history,” said Edward Walsenthal, editor of the magazine. “We can not imagine the existence of Time values better than Mark and Len Benioff. Their commitment to high-profile journalism and their faith in what we have done to improve this milestone and broaden its horizons are an example for the team.”
Meredith announced that it was looking to buy 4 publications, including Time, Fortune and Sports Illustrated, which it had acquired four months ago. Meredith announced that it had reached an agreement with Benif for years to provide Services in the fields of marketing, subscriptions, paper purchase and printing. With his acquisition of Time, Mark Benyouf joins a list of billionaires who have bought media platforms, including the founder of Amazon, the world’s richest man, Jeff Bezos, who took over the Washington Post in 2013 and billionaire John Henry, owner of the Boston Red Sox baseball team, Boston Globe, and billionaire Patrick Sun-Cheong, who bought the Los Angeles Times in June.