Meredith Sells Time Magazine to Salesforce Founder for $190 Million

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

Other Publishing stories related to: 'Meredith Sells Time Magazine to Salesforce Founder for $190 Million'


Foster sells controlling stake in Rights House

The Rights House co-chief executive Michael Foster has sold his controlling stake in the literary... Continue reading at The Bookseller

[ The Bookseller | 2013-05-28 00:00:00 UTC ]
More news stories like this | News stories tagged with: #rights house #controlling stake


Amazon's Kindle Worlds will allow writers to sell fan fiction

The digital publishing platform will let fans write, publish, and sell the stories they've written based on popular books, TV shows, and more. Continue reading at The Christian Science Monitor

[ The Christian Science Monitor | 2013-05-23 00:00:00 UTC ]
More news stories like this | News stories tagged with: #kindle worlds #popular books #tv shows


Newsweek 2.0: A New Model For Online Magazines

Designed by Huge, the revamped, digital-only Newsweek aims to bring print mag qualities like cohesion and curation to the web. When it was announced last fall that Newsweek, after nearly 80 years as a weekly news magazine, would ditch print and go all digital, it seemed to many like an ill... Continue reading at Fast Company

[ Fast Company | 2013-05-22 00:00:00 UTC ]
More news stories like this | News stories tagged with: #ve managed #relevant stories


Free The Press Campaign Trying To Raise $660 Million To Buy Tribune Co.

The folks at The Other 98% really, really don't want to see the Koch brothers to buy the Tribune Company. The non-profit organization has launched a fundraising campaign on Indiegogo to make a bid for the publishing company, which owns the Chic ... Continue reading at Editor & Publisher

[ Editor & Publisher | 2013-05-16 00:00:00 UTC ]
More news stories like this | News stories tagged with: #koch brothers #tribune company #non-profit organization


Condé Nast scraps Easy Living magazine after eight years

Condé Nast's is closing its Easy Living print edition, despite being the only paid-for glossy magazine from a major publisher to increase its circulation in the last six months of 2012. Continue reading at Media Week

[ Media Week | 2013-05-09 00:00:00 UTC ]
More news stories like this | News stories tagged with: #glossy magazine #major publisher


Hearst Magazines appoints president of digital media

Hearst Magazines has created the position of president of digital media and appointed Troy Young from Say Media to the role. Continue reading at Media Week

[ Media Week | 2013-05-09 00:00:00 UTC ]
More news stories like this | News stories tagged with: #hearst magazines


Hearst Gets its Million Digital Subscribers

Last year, Hearst Magazines head David Carey said his company would have a million people subscribing to its tablet editions by the end of 2012.   That didn’t happen, and they ended December with something like 900,000 subscri ... Continue reading at Editor & Publisher

[ Editor & Publisher | 2013-05-03 00:00:00 UTC ]
More news stories like this | News stories tagged with: #tablet editions


Time Warner 1Q earnings climb

Earnings at Time Warner Inc. grew 24% in the first three months of the year despite a slight drop in revenue, as the company benefited from strength in its television networks.Time Warner Inc. said Wednesday that first-quarter net income was $720 million, or 75 cents per share, compared with... Continue reading at Crains New York

[ Crains New York | 2013-05-02 00:00:00 UTC ]
More news stories like this | News stories tagged with: #including hits #magazine business #$737 million #2% increase #sports illustrated #conference call


Transformative Time for Tin House

Over the past decade and a half Tin House magazine, which began publishing in spring 1999, and Tin House Books, which started as an imprint with Bloomsbury in 2002 before becoming an independent press in 2005, have carved out a niche in the small press world. Continue reading at Publishers Weekly

[ Publishers Weekly | 2013-04-27 00:00:00 UTC ]
More news stories like this | News stories tagged with: #tin house #past decade #began publishing #independent press


New York Times' Google Glass App Reads Stories to You

The New York Times is one of the initial major publishers to unveil a Google Glass app, which will allow the currently scant number of users of the wearable device to access stories on the go. The app's audio component reads headlines and story summaries aloud and provides breaking news alerts. ... Continue reading at AdWeek

[ AdWeek | 2013-04-27 00:00:00 UTC ]
More news stories like this | News stories tagged with: #google glass


SpinMedia buys Vibe magazine and websites

SpinMedia has bought Vibe in a deal that could prove to be the end of the print edition of the famed hip-hop culture magazine.Vibe magazine was founded in 1993 by legendary producer Quincy Jones. The company has changed hands several times and like many publications, has turned its focus to its... Continue reading at Crains New York

[ Crains New York | 2013-04-26 00:00:00 UTC ]
More news stories like this | News stories tagged with: #online business #print products #print rights #news release #print publication #online traffic #advertising revenue


Freeman to leave Granta magazine

Granta magazine editor John Freeman is leaving the publication after five years, with his final... Continue reading at The Bookseller

[ The Bookseller | 2013-04-24 00:00:00 UTC ]
More news stories like this |


Skateboarder Magazine Goes Digital-First

Skateboarder Magazine isn't abandoning print altogether, but--not surprisingly for a young, male enthusiast title--it's going to concentrate a lot more on digital from now on. Continue reading at Folio Magazine

[ Folio Magazine | 2013-04-18 00:00:00 UTC ]
More news stories like this |


Web sparks print comeback for magazines

Only newspapers have been given up for dead more often than magazines. But though their print cousins continue to lose advertising at a brisk clip, some magazine publishers are trumpeting a turnaround few could have foreseen in the dark days of 2008 and 2009, when nearly 1,000 titles shut... Continue reading at Crains New York

[ Crains New York | 2013-04-17 00:00:00 UTC ]
More news stories like this | News stories tagged with: #amid uncertainty #biggest publisher #public company #mobile devices #primary source


Ganxy Adds Tools for Selling & Promoting Content Online

The New York-based start-up Ganxy, which was founded in 2009 to sell music, is rolling out more tools at the London Book Fair to help small and medium-sized publishers sell and promote DRM-free digital content online. Continue reading at Publishers Weekly

[ Publishers Weekly | 2013-04-15 00:00:00 UTC ]
More news stories like this | News stories tagged with: #york-based start-


MPA Is Getting Closer to Digital Magazine Ad Standards

Magazine publishers have found new fans for their content on tablets and e-readers, but will they ever be able to get advertisers to give them the same commitment? In the three years since consumers got their hands on Apple’s first iPads, magazines have been preparing their content for the new... Continue reading at AdWeek

[ AdWeek | 2013-04-15 00:00:00 UTC ]
More news stories like this | News stories tagged with: #business model #tablet editions #brenda white #digital ad


Robert Frost: his 10 favorite books of all time

In addition to being a master writer, celebrated American poet Robert Frost was also a master reader. Continue reading at The Christian Science Monitor

[ The Christian Science Monitor | 2013-04-10 00:00:00 UTC ]
More news stories like this | News stories tagged with: #robert frost


Online and in print, magazine launches tumble

Only 23 magazines launched in the first quarter of 2013, compared with 44 in the same period a year ago, but the number of titles that shut down between Jan. 1 and the end of March also dropped, according to figures released Monday by online database MediaFinder.com.The new titles include Condé... Continue reading at Crains New York

[ Crains New York | 2013-04-02 00:00:00 UTC ]
More news stories like this | News stories tagged with: #publishing division #positive note #magazine called


At the Intersection of Hyper-Local Digital and Regional Magazine Publishers

Imagine having more than 20 competitors spring up into your market over the course of the last two years. Now picture these competitors being backed by one of the largest digital media institutions on the continent. Welcome to the new city and regional magazine market. Continue reading at Folio Magazine

[ Folio Magazine | 2013-04-01 00:00:00 UTC ]
More news stories like this |


Providing Story Time in Español: Spanish Supplement Spring 2013

Despite budget cuts and insufficient bilingual staffing, United States libraries continue to invest money expanding Spanish-language children’s and YA collections. Continue reading at Publishers Weekly

[ Publishers Weekly | 2013-03-29 00:00:00 UTC ]
More news stories like this | News stories tagged with: #budget cuts