Washington, Sept 17: The ownership of 95-year-old Time has changed hands against - this time within a span of nine months. After taking over the iconic magazine in January this year at $180 million, Meredith Corps has sold it to Salesforce founders Marc Benioff and wife Lynne. The acquisition deal was inked by the two sides at $190 million.
The takeover of Time includes Benioff in the ivy league of tech-entrepreneurs who have acquired print publications facing financial challenges. In 2013, Amazon chief Jeff Bezos took over the anti-establishment Washington Post at a mammoth deal of $250 million.
Bezos has remained under the radar of Trump, who has called the Washington Post an "expensive lobbyist" for Amazon Inc. The publication is known for adopting a critical stance against the the US President, rapping his conservative economic and migration policies.
Benioff, meanwhile, has claimed that his acquisition of Time is a personal decision which would not involve Salesforce. He further added that no tinkering would be done with the editorial team.
Meredith Corp issued a statement on Monday confirming the takeover, stating that the magazine would continue to succeed under the leadership of Benioff.
Although the company has not revealed the exact reason for parting ways, analysts claim that Meredith's line of publications is more centred on topics of health, wellness, fitness, housing, food and tourism. Times, on the other hand, has traditionally maintained a serious set of audience.
Apart from Time, Meredith has listed for sale two other premier magazines earlier this year: Fortune and Sports Illustrated.