<p>Less than one year after Meredith Corp. purchased Time Inc., the publisher has agreed to sell <em>Time</em> magazine to Salesforce co-founder Marc Benioff for $190 million.</p>
<p><em>Time</em> went on sale in March along with Meredith publications <em>Fortune</em>, <em>Sports Illustrated</em>, and <em>Money</em>. The deal is a blessing for Meredith, which plans to use the proceeds to pay down debt incurred as print media continues to lose readers in an increasingly digital world. ;</p>
<p>&ldquo;We&rsquo;re investing in a company with tremendous impact on the world, one that is also an incredibly strong business,&rdquo; said Mr. Benioff, who referred to the magazine as a &ldquo;treasure trove of history and culture.&rdquo;</p>
<p>The proposed sale, which is expected to close in October, dumps one of the nation&rsquo;s most famous magazines into the hands of a liberal billionaire. Benioff won&rsquo;t be involved in day-to-day operations at <em>Time</em>, but he and his wife Lynne have already encouraged staffers to imagine what the magazine will look like in 2040. ;</p>
<p>The sale of <em>Time</em> to a billionaire is also indicative of a larger trend. ;</p>
<p>In 2013, Amazon CEO Jeff Bezos purchased the <em>Washington Post</em>. In 2017, Laurence Powell Jobs (widow of Steve Jobs) acquired a majority stake in the <em>Atlantic</em> magazine. ;</p>
<p>&ldquo;It&rsquo;s the only business model that makes sense &#8211; a billionaire swoops in and keeps it alive,&rdquo; says former <em>Time</em> editor Josh Quittner. ;</p>
<p>But unfortunately it&rsquo;s the liberal billionaires who are doing it. Benioff is not a hardcore liberal, but he will certainly help maintain a liberal brand that otherwise may have died off. ;</p>
<p>Benioff is a vocal critic of President Trump who has long supported causes including LGBQT rights, environmentalism, and education. ;</p>
<p>&ldquo;We are honored to be the caretakers of one the world&rsquo;s most important media companies and iconic brands,&rdquo; said Benioff. &ldquo;<em>Time</em> has always been a trusted reflection of the state of the world, and reminds us that business is one of the greats platforms for change.&rdquo;</p>
<p>&#8212;</p>
<p><em>Time</em> magazine was launched in by Yale graduates Henry Luce and Briton Hadden, with the very first issue hitting newsstands in March 1923 with a cover price of just 15 cents. ;</p>
<p>Seeking to cut printing costs, <em>Time</em> this year cut its circulation from 3 million down to 2.3 million for the six-month period ending in June.</p>
<p>At the same time, the magazine has successfully expanded its online audience from 27.4 million unique visitors per month (in 2015) to 31.7 million.</p>