Meredith Corporation announced today it has entered into an agreement to sell the TIME media brand to Marc and Lynne Benioff for $190 million in cash. The transaction is subject to customary closing conditions and regulatory approval and is expected to close within 30 days.
The Benioffs are purchasing TIME personally and the transaction is unrelated to Salesforce.com, where Marc Benioff is Chairman, co-CEO and founder. Meredith Corporation says Benioff will not be involved in the day-to-day operations or journalistic decisions, which will continue to be led by TIME’s current executive leadership team.
According to Meredith Corporation, TIME is a global, breaking news multimedia brand that reaches a combined audience of more than 100 million readers in print and online, including over 50 million digital visitors and 40 million social followers each month.
“We’re pleased to have found such passionate buyers in Marc and Lynne Benioff for the TIME brand. For over 90 years, TIME has been at the forefront of the most significant events and impactful stories that shape our global conversation. We know TIME will continue to succeed and is in good hands with the Benioffs. We thank the TIME team for its ongoing hard work and passionate commitment.”Tom Harty, Meredith President and CEO
Meredith acquired TIME as part of its purchase of Time Inc., which closed on January 31, 2018. Shortly thereafter, Meredith announced it was selling Time Inc.’s news and sports brands – TIME, Sports Illustrated, Fortune and MONEY – to focus on brands serving its core audience of American women. Meredith expects to announce agreements for the remaining asset sales in the near future.
“We 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.”Benioffs
As part of the transaction, Meredith will provide short-term business continuity services and has entered into a multi-year agreement with the Benioffs to provide services such as consumer marketing, subscription fulfillment, paper purchasing, and printing. Meredith will also be able to include the TIME brand in large corporate advertising buys.