Mark and Lynne Benioff are the latest entrepreneurs to make a bet on old media with their $190m Time purchase. Should tech billionaires own our biggest news outlets?
In February, Time magazine’s name was stripped from its headquarters in lower Manhattan. America’s most famous magazine seemed headed for the wastepaper bin of history, another victim of the digital age. Now, the digital age has come to save it.
Last week, Marc Benioff, the billionaire founder of software services company Salesforce, and his wife Lynne bought Time for $190m. The purchase came just one year after the 95-year-old news magazine had been acquired by Family Circle publisher Meredith as part of a package of titles of which Time looked like the unwanted stepchild.