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 ]
Advantage Business Marketing—the Rockaway, N.J.-based B2B media company formerly known as Advantage Business Media until rebranding in a last-ditch pivot to marketing services a year ago—abruptly shut its doors this week, notifying its more than 50 employees that they were out of a job,... Continue reading at Folio Magazine
[ Folio Magazine | 2019-06-19 21:06:21 UTC ]
More news stories like this
While the future of America's biggest sports magazine remains an open question, its second-biggest will soon call it quits on print entirely. ESPN The Magazine will shutter its monthly print edition after September's annual Body Issue, its parent company announced Tuesday morning, ending a... Continue reading at Folio Magazine
[ Folio Magazine | 2019-04-30 00:00:00 UTC ]
More news stories like this
'To spark a global conversation around the rapidly evolving rights-tech ecosystem,' the RightsTech: Europe conference will be staged by Digital Media Wire and Concurrent Media Strategies, with the Frankfurter Buchmesse. The post Frankfurter Buchmesse Announces the Inaugural RightsTech: Europe... Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2018-12-03 00:00:00 UTC ]
More news stories like this
EnsembleIQ—the b2b media company formed two years ago out of the merger of three smaller publishers—is undergoing a reorganization this month, grouping its 20 media brands into four distinct market verticals and trimming its overall headcount by around 10 percent, according to multiple... Continue reading at Folio Magazine
[ Folio Magazine | 2018-10-26 00:00:00 UTC ]
More news stories like this
The founders of Instagram announced in a surprise move Monday that they were leaving Facebook Inc. Kevin Systrom and Mike Krieger said they were “ready for their next chapter” and said they were grateful for the six years they spent at Facebook, which acquired the photo sharing app for $1... Continue reading at Los Angeles Times
[ Los Angeles Times | 2018-09-25 00:00:00 UTC ]
More news stories like this
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,... Continue reading at Folio Magazine
[ Folio Magazine | 2018-09-17 00:00:00 UTC ]
More news stories like this
Anil Narang and Carl Wistreich—chairman and CEO, respectively, of AC Business Media—have sold their majority stake in the Wisconsin-based trade magazine publisher to Florida-based private equity firm Boyne Capital, the two sides announced Thursday. Concurrent with the sale, former Grand View... Continue reading at Folio Magazine
[ Folio Magazine | 2018-08-31 00:00:00 UTC ]
More news stories like this
[caption id="attachment_61878" align="alignright" width="150"] David Carey[/caption] Months after a $200 million acquisition of one of his company's largest competitors, David Carey has revealed plans to depart Hearst Magazines following eight years at the division's helm. Hearst Corp. CEO... Continue reading at Folio Magazine
[ Folio Magazine | 2018-06-25 00:00:00 UTC ]
More news stories like this
Bertelsmann has agreed to buy a 22% stake in Penguin Random House that will generate about $1 billion for Pearson, which will still have a 25% stake in the trade publishing giant. Continue reading at Publishers Weekly
[ Publishers Weekly | 2017-07-11 00:00:00 UTC ]
More news stories like this
The new owners of Christchurch icon Comics Compulsion are finding their feet, successfully holding their first Free Comic Book Day on Saturday. Continue reading at Stuff
[ Stuff | 2017-05-07 00:00:00 UTC ]
More news stories like this
Kik, a chat app that claims 40% of U.S. teenagers as users, announced a $50-million investment Tuesday from Chinese tech company Tencent that values the start-up at $1 billion. Continue reading at Los Angeles Times
[ Los Angeles Times | 2015-08-19 00:00:00 UTC ]
More news stories like this
Analysts say the $20 bump, from $79 to $99, could add up to $1 billion to the company's revenue.Amazon Prime is a great deal. You get free two-day shipping on most of your packages, unlimited access to Amazon's growing trove of streaming movies and TV shows, and the ability to rent ebooks from... Continue reading at Fast Company
[ Fast Company | 2014-03-13 00:00:00 UTC ]
More news stories like this
If the plaintiff number is granted, it would put the total damages in this ebook conspiracy at over $1 billion. Five publishers have already paid $166 million. Continue reading at Publishers Weekly
[ Publishers Weekly | 2014-02-03 00:00:00 UTC ]
More news stories like this
When Vice first appeared on Ad Age's Magazine A-List in 2010, it raised more than few eyebrows among industry stalwarts. For one thing, it was the first free-distribution magazine Ad Age had ever honored. And another thing—OK, the main thing—Vice is a cheerfully irreverent, quasi-rude... Continue reading at Crains New York
[ Crains New York | 2013-10-22 00:00:00 UTC ]
More news stories like this
Scribd formally launched ebook subscriptions today and the company CEO said he believes the service could eventually produce $1 billion in annual revenue. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2013-10-02 00:00:00 UTC ]
More news stories like this
Microsoft is offering to pay $1 billion to buy the digital assets of Nook Media LLC, the digital book and college book joint venture with Barnes & Noble and other investors, according to internal documents we’ve obtained. In this plan, ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2013-05-09 00:00:00 UTC ]
More news stories like this
According to internal documents obtained by the website TechCrunch, Microsoft has offered $1 billion for the digital assets of Nook Media, Barnes & Noble's digital book venture.According to internal documents obtained by the website TechCrunch, Microsoft has offered $1 billion for the... Continue reading at Los Angeles Times
[ Los Angeles Times | 2013-05-09 00:00:00 UTC ]
More news stories like this
Reader's Digest Association is on the block, seeking a price of around $1 billion, according to a report from The Wall Street Journal, which says the company may sell off piece by piece rather than as a whole. Continue reading at Folio Magazine
[ Folio Magazine | 2011-07-18 00:00:00 UTC ]
More news stories like this
Barnes & Noble Inc. said that Liberty Media Corp. has offered to buy the bookseller in a deal valuing it at about $1 billion. Barnes & Noble shares were up 20 percent in after-hours trading Thursday on the news, matching the $17-a-share offer price from John Malone's media empire. Continue reading at AllThingsD
[ AllThingsD | 2011-05-20 00:00:00 UTC ]
More news stories like this