3 sources·Business

Salesforce Co-founder Marc Benioff in Talks to Sell Time Magazine to Greek Media Firm

Greek media company Antenna Group is negotiating to acquire Time magazine from Marc Benioff amidst a challenging media landscape.

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Updated: Nov 1st, 2024, 5:24 PM ET

Summary

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Marc Benioff is reportedly negotiating a sale of Time magazine to the Antenna Group for around $150 million, six years after purchasing it for $190 million. The discussions reflect the pressures facing legacy media companies in a digital-first world. Time has struggled with declining circulation and advertising revenue, exacerbated by rising competition from free content platforms. Despite the ongoing talks, neither side has confirmed an agreement, and the sale is not assured. Benioff acquired Time from Meredith Corp in 2018, where it faced challenges transitioning to digital strategy.

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