It’s official: The Benioffs own Time magazine and its assets.
The $190 million cash sale between Meredith, which acquired Time Inc. and the flagship brand in January, and Salesforce founder Marc Benioff and his wife, Lynne, has closed, Meredith announced Thursday.
The deal was announced in mid-September and raised questions about what the brand will look like with a billionaire at the helm. The Benioffs have said it’s a personal purchase, separate from Marc Benioff’s role as chairman and co-CEO of Salesforce, and they won’t have a role in the day-to-day or editorial operations of the brand.
Meredith will still have a hand in the operations, though, and has agreed to assist with some services, including consumer marketing, paper purchasing and printing.
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