{"id":37251,"date":"2018-09-21T03:47:08","date_gmt":"2018-09-21T10:47:08","guid":{"rendered":"https:\/\/www.exoplatform.com\/blog\/?p=17004"},"modified":"2018-09-21T03:47:08","modified_gmt":"2018-09-21T10:47:08","slug":"time-magazine-sold-to-salesforce-founder-marc-benioff-for-190-million","status":"publish","type":"post","link":"https:\/\/www.exoplatform.com\/blog\/time-magazine-sold-to-salesforce-founder-marc-benioff-for-190-million\/","title":{"rendered":"Cartoon of the Week: Time magazine sold to Marc Benioff for $190 million"},"content":{"rendered":"

Marc Benioff,<\/strong> billionaire and co-founder of cloud computing software firm <\/strong>Salesforce<\/a>, is purchasing Time magazine<\/strong>, with his wife Lynne Benioff<\/strong>, for $190 million. As soon as the deal closes, the Benioffs<\/strong> will become the owners of one of America\u2019s most iconic news magazines.<\/p>\n

<\/p>\n

Benioff tweeted<\/a>: \u2018The power of Time has always been in its unique storytelling of the people & issues that affect us all & connect us all.\u2019 He described the magazine as \u2018a treasure trove of our history & culture\u2019.<\/p>\n

As Benioff is being nostalgic, he decided to make the purchase a family affair. The Benioffs <\/strong>are buying the magazine as individuals, saying that the investment will be unrelated to Salesforce<\/strong> and they consider themselves as \u2018caretakers\u2019.<\/p>\n

In an interview, Benioff<\/strong> said: \u2018We\u2019re investing in a company with tremendous impact on the world, one that is also an incredibly strong business. That\u2019s what we\u2019re looking for when we invest as a family.\u2019<\/p>\n

As a result, they will not take part in any operational decisions and will instead let the Time magazine<\/strong> team do their jobs as usual.<\/p>\n

He said in a statement: \u2018Lynne and I will take on no operational responsibility for Time<\/strong> and look only to be the stewards of this historic and iconic brand.\u2019<\/p>\n

Marc Benioff<\/strong> is not the only billionaire from the tech world to purchase a traditional news publication. In 2013, Jeff Bezos<\/strong>, Amazon<\/a>\u2019s chief executive, bought The Washington Post<\/strong>. Laurene Powell Jobs, the late Steve Jobs\u2019 wife, also acquired a majority stake in The Atlantic magazine<\/strong>. And earlier this year, Biotech king Patrick Soon-Shiong bought the Los Angeles Times<\/a>.<\/p>\n

We might be caught up in the instant, spontaneous, fast and furious news environment of today, but the traditional has always been appreciated in the business world.<\/p>\n

Is it time to go back to basics? Or is journalism becoming the new hobby of the rich? As advertising executive Matt Barash tweeted<\/a>: \u2018Print is the new yacht.\u2019<\/p>\n

Follow eXo Platform’s board Cartoon of the Week on Pinterest.<\/a>