According to several reports, Salesforce CEO, Marc Benioff, is in ongoing talks to sell the iconic Time Magazine to Greek media conglomerate, Antenna Group.
The sale, rumored to be in the $150M range, comes just a few years after Benioff and his wife Lynne acquired the publication for $190M back in 2018. Let’s take a look at the finer details behind Benioff’s decision…
Why Does Benioff Want to Sell Time?
This decision can be attributed to many different factors, but essentially, Benioff has struggled to tackle many of the unique challenges that come with running a media business. In a podcast interview with GeekWire, Benioff shared that he finds the media industry significantly more complex than the tech sector:
“The media industry is very difficult. It’s very complicated. The tech industry, software, I’ve been doing for 45 years, it’s much easier.
“We have many different types of products inside Time. The idea that we’re constantly building and growing and expanding brands, sub-brands, new products, it’s so fluid and so fast moving. I would say that in some ways it’s even more so than the tech industry.” Marc Benioff, CEO, Salesforce
Another strong reason to sell at the moment is the declining sales figures that print media is facing in the modern media age. Time Magazine has faced the brunt of this evolving landscape, which has negatively impacted print advertising and sales.
According to the New York Post, Time’s circulation exceeded 4 million copies nationwide during the 1970s and 1990s, but has experienced a gradual decline in recent decades, reaching an all-time low of 1.6 million subscribers in 2024. Alongside two consecutive annual losses, Time under Benioff is a product in decline.
The media company has also been involved in some controversy as of late. Last month, Benioff voiced his frustrations over presidential candidate Kamala Harris declining an interview with Time, despite her opposition, Donald Trump, taking on interviews.
With growing interest from the Antenna Group, now seems like a better time than ever to take the exit option and sell up. The Greek company has been vying to get involved in the American media market, having almost acquired Vice Media in 2022 before they went bankrupt.
Final Thoughts
While the decision may not have been made lightly, now seems like a good time to sell a product that could very well continue to see declining numbers.
It also means that Benioff can focus more closely on Salesforce and continue to spearhead his brand new tool: Agentforce!