US tech billionaire acquires Time magazine for over £145m

Just eight months after being sold to Meredith Corporation, a US-based media company, Time magazine is being bought once again.

Billionaire and co-founder of Salesforce.com, Marc Benioff - along with his wife, Lynne Benioff - are said to be buying Time for an estimated £145.3m.

The deal could close within one month, but it must first get regulatory approval. The Benioffs will not be involved in the journalistic decisions and daily running of the magazine.

And despite the currently rocky, unnerving times for print media - Time has cut its circulation and advertising revenues have been poor - the Benioffs are happy to take over the publication.

Mr Benioff - chairman, co-chief executive and co-founder of the cloud computing firm Salesforce.com - said that he and Lynne thoroughly admire the organisation and well-known brand.

He recently tweeted: “The power of Time has always been in its unique storytelling of the people and issues that affect us all, and connect us all.”

According to Forbes magazine, Marc is worth around $6.7bn and is the latest tech billionaire to acquire a print title.

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