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The New York Times reports:
Time, the pre-eminent weekly newsmagazine of the 20th century, has a new owner: Marc Benioff, the billionaire co-founder of the San Francisco software company Salesforce.
Time’s current owner, the Iowa-based Meredith Corporation, announced that it had entered into what it described in a news release as “a definitive agreement” to sell the storied publication to Mr. Benioff and his wife, Lynne, for $190 million in cash.
There's more:
Meredith agreed to purchase Time Inc. in an all-cash transaction valued at $2.8 billion last November, and the deal was made final on Jan. 31. The deal came to fruition with the help of an infusion of $650 million from the private equity arm of Charles G. and David H. Koch, the billionaire brothers known for using their wealth and political connections to advance conservative causes.
Imagine that.
