Billionaire tech mogul Marc Benioff is reportedly in talks to sell Time magazine to a Greek media conglomerate.
Benioff, who co-founded enterprise software giant Salesforce and who claims a net worth of Rated by Bloomberg Billionaires Index Valued at $10.7 billion as of Friday, Time has joined forces with Antenna Group about a deal, According to CNBC.
Sources familiar with the discussions told CNBC that Benioff, who Bought Time in 2018 for $190 millionWas considering a $150 million offer from Antenna Group.
Benioff acquired the magazine from Meredith Corp., which had owned the publication for less than a year.
Last month, Benioff Vice President Kamala Harris expressed disappointment Refused to sit down for an interview with Time.
Benioff criticized Harris, noting that former President Donald Trump and President Biden — before her exit — both sat for interviews during their campaigns.
Benioff tweeted, “Despite multiple requests, TIME has not been granted an interview with Kamala Harris – unlike every other presidential candidate.”
When time raised its eyebrows in September Elon Musk is not included in this From the list of the 100 most influential people in artificial intelligence.
Antenna is eager to enter the US media market. In 2022, it almost acquired Vice Media before the company filed for bankruptcy.
Like other magazines, Time has struggled with a steady decline in print advertising and newsstand sales.
At its peak between the 1970s and 1990s, Time’s circulation exceeded 4 million copies nationwide – outpacing competitors such as Newsweek and US News & World Report.
Time’s circulation in 2012 was 3.3 million. Today its readership is approximately 1.6 million subscribers.
Started by Yale University graduates Henry Luce and Britton Hayden, Time first went on sale in March 1923.
Before Benioff purchased the magazine, he was trying to make changes to the digital strategy, but struggled.
Time has posted annual losses for two consecutive years and its revenue has declined since its separation from Time Warner in 2014.
