BMMguru Weekly Issue 20
We covered some amazing info on what's happening in the world right now, do check it out!
We covered some amazing info on what's happening in the world right now, do check it out!
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#BMMGuru<strong>Weekly</strong><br />
Business Updates<br />
Magazine sold for $190 million<br />
TIME, an American weekly news<br />
magazine and news website have been<br />
sold to Salesforce founder Marc Benioff<br />
and his wife Lynne Benioff for $190<br />
Million.<br />
Founded in 1923 and originally run by<br />
Henry Luce, Time has the world's largest<br />
circulation for a weekly news magazine<br />
with a European edition published in<br />
London, An Asian edition which is based<br />
in Hong Kong and The South Pacific<br />
edition based in Sydney. They also had a<br />
Canadian advertiser edition, which was<br />
discontinued in <strong>20</strong>08.<br />
Meredith Corp. completed its purchase of<br />
Time Inc. in January and the publisher<br />
agreed to sell Time magazine for $190<br />
million to give the much-needed lift to the<br />
company.<br />
Meredith put four Time Inc. publications<br />
up for sale in March? Fortune, Time,<br />
Money and Sports Illustrated.<br />
The Benioffs are the latest wealthy people<br />
from the tech world to buy a traditional<br />
news publication and are buying Time as<br />
individuals where the agreement is<br />
declared unrelated to Salesforce.com.<br />
Salesforce is a cloud software company<br />
who makes products are for businesses.<br />
Meredith said that the Benioffs would not<br />
be involved in the editorial decisions of<br />
the magazine and that those decisions<br />
will continue to be made by Time?s<br />
current executive leadership team.<br />
The sale is a part of Meredith's goal to<br />
save $400 million to $500 million over the<br />
next two years and increase the<br />
profitability of its remaining portfolio of<br />
publications and use the proceeds from<br />
the sale of Time to pay off debt and<br />
expects to reduce its debt by $1 billion<br />
during fiscal <strong>20</strong>19.<br />
Despite being one of the most famous and<br />
iconic news brands in the U.S., Time was<br />
seen struggling to cope up with falling<br />
circulation and revenue as it invests in<br />
digital properties.<br />
TIME'S first issue came out on March 3,<br />
1923, which was 95 years ago and the<br />
magazine?s present editor in chief is<br />
Edward Felsenthal. Its print edition has a<br />
readership of 26 million, of which <strong>20</strong><br />
million are in the United States.<br />
- Zoyena Ansari<br />
03
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