After months of searching, Meredith Corporation has finally found a proper suitor for Time magazine. On Sunday, September 16, the company announced it has sold the legacy brand it acquired in January this year for $190 million in cash to Marc and Lynne Benioff. Marc Benioff is the founder, chairman and co-CEO of Salesforce, however this transaction is private and separate from that company. The Benioffs will not oversee the day-to-day operations of Time, according to a statement Folio: received from Meredith Corp affirming that Time's current leadership will continue to manage the magazine. The release also states that Meredith will provide short-term business continuity services through a multi-year agreement with the Benioffs, including consumer marketing, subscription fulfillment, paper purchasing and printing. The company will also be able to include Time in large corporate advertising buys. Meredith will use the liquidity gained in the sale to pay down debts. Further, the company says it expects to reduce its debt by $1 billion during its fiscal 2019, which began on July 1. “We’re pleased to have found such passionate buyers in Marc and Lynne Benioff for the Time brand,” said Meredith President and CEO Tom Harty, in the release. “For over 90 years, Time has been at the forefront of the most significant events and impactful stories that shape our global conversation. We know Time will continue to succeed and is in good hands with the Benioffs. We thank the Time team... Continue reading at 'Folio Magazine'
[ Folio Magazine | 2018-09-17 00:00:00 UTC ]
News tagged with:
#$1 billion
#global conversation
#good hands
#developing story
In an April 17 complaint, the publisher alleges that Follett Higher Education could owe the publisher more than $9 million by May 1, for both print and digital content. Continue reading at Publishers Weekly
[ Publishers Weekly | 2024-04-24 04:00:00 UTC ]
More news stories like this | News stories tagged with:
#$9 million
#digital content
Winners at the 2024 L.A. Times Book Prizes included Ed Park for fiction, Ivy Pochoda for mystery/thriller and the pro-Palestinian commencement speaker whose name has become a rallying cry for free speech. Continue reading at Los Angeles Times
[ Los Angeles Times | 2024-04-20 05:08:39 UTC ]
More news stories like this | News stories tagged with:
#ivy pochoda
#rallying cry
#free speech
#times book
Authorities in Canada say they have made arrests in the theft of a cargo container that included gold and other items worth over 20 million Canadian dollars — about $14.5 million — that were stolen from Toronto’s Pearson International airport a year ago Continue reading at ABC News
[ ABC News | 2024-04-17 01:10:08 UTC ]
More news stories like this | News stories tagged with:
#pearson
PEN's new report shows that book bans continue to rise and continue to target books by or about queer people and people of color. Continue reading at Book Riot
[ Book Riot | 2024-04-16 12:05:00 UTC ]
More news stories like this | News stories tagged with:
#pen america
#book bans
#report shows
#latest book
Reaching its 15th anniversary, the Emirates Publishers Association opens a 10-million-dirham fund that includes a business incubator. The post Emirates Publishers Association Issues 10-Million-Dirham Fund appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2024-04-02 13:37:26 UTC ]
More news stories like this | News stories tagged with:
#15th anniversary
#publishers association
The YA novelist talks about her early love of Tomb Raider, true crime and fangirling the cast of the BBC adaptation of A Good Girl’s Guide to MurderA few minutes into our conversation, bestselling author Holly Jackson is convinced she’s spotted the American singer Nick Jonas. It would be... Continue reading at The Guardian
[ The Guardian | 2024-03-30 11:00:08 UTC ]
More news stories like this | News stories tagged with:
#bestselling author
Metro Detroit billionaire businessman Manoj Bhargava faces a lawsuit tied to his ongoing takeover bid of the former publisher of Sports Illustrated magazine.The lawsuit, filed last week in California in a Los Angeles County court, is brought by Ross Levinsohn, a veteran media executive and the... Continue reading at Crains New York
[ Crains New York | 2024-03-28 20:07:35 UTC ]
More news stories like this | News stories tagged with:
#licensing agreement
#publishing rights
#publishing company
Hearst's Sheel Shah took the stage at the Digiday Publishing Summit to speak about why its marketplace business is focusing on authority. Continue reading at Digiday
[ Digiday | 2024-03-27 04:01:00 UTC ]
More news stories like this | News stories tagged with:
#hearst magazines
#sheel shah
#publishing summit
#hearst
Jury comments about the Sunday Times Young Writer-winning debut, 'The New Life,' call Tom Crewe's book, a 'tenderly sensual account of masculine sexuality.' The post London: Tom Crewe Wins the Sunday Times’ Young Writer Award appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2024-03-20 12:50:02 UTC ]
More news stories like this | News stories tagged with:
#post london
#sunday times
#young writer
Gerald Levin, who led Time Warner Media into a disastrous $182 billion merger with the internet provider America Online, has died at the age of 84 Continue reading at ABC News
[ ABC News | 2024-03-15 09:02:35 UTC ]
More news stories like this | News stories tagged with:
#time warner
Scholastic has acquired 100% of the economic interest in 9 Story Media Group, a Toronto-based creator, producer, and distributor of children’s content. Continue reading at Publishers Weekly
[ Publishers Weekly | 2024-03-12 04:00:00 UTC ]
More news stories like this | News stories tagged with:
#scholastic
Book piracy is costing the Italian book market more than a quarter of its overall value, according to a study commissioned by the AIE. The post Piracy in Italy: Study Shows Book Industry Losing €705 Million Annually appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2024-03-08 22:07:51 UTC ]
More news stories like this | News stories tagged with:
#study commissioned
#book market
#book piracy
#book industry
Brandon Sanderson raised more than $16 million from 55,000 people to fund a leatherbound edition of 'Words of Radiance.' The total is the most ever raised on the crowdfunding platform BackerKit. The campaign, launched earlier this week, ends March 30. Continue reading at Publishers Weekly
[ Publishers Weekly | 2024-03-08 05:00:00 UTC ]
More news stories like this | News stories tagged with:
#launched earlier
For a few days in October 2023, the capital of the science fiction world was Chengdu, China Continue reading at ABC News
[ ABC News | 2024-02-29 02:54:58 UTC ]
More news stories like this | News stories tagged with:
#science fiction
Praising 'their attentiveness to the world,' the 2024 Sunday Times Young Writer of the Year jury names four authors to its shortlist. The post UK: The Sunday Times Young Writer 2024 Shortlist appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2024-02-27 17:20:22 UTC ]
More news stories like this | News stories tagged with:
#post uk
#young writer
The managing director of Usborne Publishing reflects on the legacy of her father, the company’s founder, who died last year. Continue reading at Publishers Weekly
[ Publishers Weekly | 2024-02-23 05:00:00 UTC ]
More news stories like this | News stories tagged with:
#publishing spotlight