The deal was announced on Sunday night. “It will have no connection to Salesforce, the software company Marc founded in 1999,” Time editor in chief Edward Felsenthal told his team after the announcement was made. “While they will not be operators of the business, we are extremely fortunate to have Marc and Lynne’s guidance and mentorship as we set out to build a new company,” he added. Meredith said the deal is expected to close in the next 30 days. The Benioffs are optimistic about Time’s large audience and growing video business.
Benioff and his wife
“As almost everyone knows, Time is a treasure trove of our history and culture. We have deep respect for their entire organization, and are honored to now have Time as part of our family impact investment portfolio,” Benioff declared. “Lynne and I will take on no operational responsibility for Time, and look only to be the stewards of this historic and iconic brand,” he added. Meredith is still working on selling three other former Time Inc. titles: Fortune, Money, and Sports Illustrated. Benioff is not buying those. “Journalism is a rich person’s hobby now,” longtime journalist Linda Stern tweeted. Salesforce, a cloud software company whose products are for businesses, competes with such rivals as Oracle Corp. and Microsoft Corp.