TIME: After the Benioffs' acquisition, will the magazine change?

by   |  VIEW 218
TIME: After the Benioffs' acquisition, will the magazine change?

Earlier in September, Salesforce.com co-founder and chief executive Marc Benioff, and his wife Lynne bought the TIME Magazine for a cash buyout of $190 million. In an interview with CNBC, Benioff spoke about the reason behind him acquiring the company and the aspects that he wants to bring in even as he wants to keep the core of the TIME Magazine intact.

He opened up by saying, "Lynne and I so strongly believe that business is the greatest platform for change. We bought [Time] because that's an important institution that is having a positive global impact on the world and is deeply aligned with our family's values and we're delighted to be the new stewards of Time Magazine."

Then, he added, "When I went to business school, they said, 'Focus on your shareholder, Marc. The business of business is business.' That no longer applies. We have to erase that from our history books. The business of business is improving the state of the world."

Benioff's words are a reiteration to what had been previously mentioned. When the former owners of TIME announced the purchase of their magazine by the Benioffs via a press statement, their statement had stated, "The Benioffs are purchasing TIME personally and the transaction is unrelated to Salesforce.com, where Mr.

Benioff is Chairman, co-CEO and founder. Mr. and Mrs. Benioff will not be involved in the day-to-day operations or journalistic decisions, which will continue to be led by TIME's current executive leadership team."