Salesforce CEO Marc Benioff, and his wife Lynne Benioff, are buying Time magazine.
The big news here is that the deal between Time magazine publisher Meredith and Benioff has nothing to do with Salesforce (NYSE:CRM). Instead, the Salesforce CEO and his wife will be holding the company separately from the CRM business.
Time magazine also notes that Marc and Lynne Benioff will no be acting as operators of the publication. However, they will be offering “guidance and mentorship” to those running the company as it looks to turn its business around.
“The power of TIME has always been its unequaled ability to tell stories about the people and issues that affect us all and connect us all,” Marc Benioff said in a letter shared by Time magazine editor Edward Felsenthal. “Lynne and I will take on no operational responsibility for TIME, and look only to be stewards of this historic and iconic brand with all of us.”
According to The Wall Street Journal, the deal has the Salesfoece CEO and his wife spending $190 million to acquire Time magazine. The transaction is expected to close in the next 30 days. Also, Benioff says he doesn’t have any intentions of buying other publications from Meredith.
The Salesforce CEO buying Time magazine comes at a time when many in the tech industry are taking an interest in the media. To highlight a few other instances of this, Amazon (NASDAQ:AMZN) CEO Jeff Bezos now owns the Washington Post and Apple (NASDAQ:AAPL) founder Steve Jobs’ late wife, Laurene Powell Jobs, has a majority stake in Atlantic magazine.
As of this writing, William White did not hold a position in any of the aforementioned securities.
