How Marc Benioff is transforming Time magazine
When Salesforce.com founder Marc Benioff and his wife Lynne bought Time magazine from Meredith Corp. in 2018, it read to many as a vanity purchase. A billionaire buying a legendary media brand, to impress friends and influence people, without doing too much legwork.
Why it matters: But the carve-out is proving transformative for Time, as Benioff seems to have actively brought a lot of his tech ethos to the company Henry Luce founded early 100 years ago.
Driving the news: "He's kept pushing us to get out of the boxes we were in," says Felsenthal, who averages at least one Benioff meeting per month (plus meetings with the board, on which both Marc and Lynne serve).
Benioff says he doesn't view the success or failure of his Time investment in dollar terms, although he does repeatedly mention his interest in becoming profitable, hitting $1 billion in revenue and becoming the world's "number one media brand."
The biggest post-acquisition challenge, he explains, was “individualization” from both Meredith and the businesses' former home within Time Inc.
