Agenda for Monday, Sept. 17
Silicon Valley bails out big media
From Axios AM
In the latest legacy-media life preserver from West Coast billionaires, TIME magazine was bought by Marc Benioff — chairman, co-CEO and founder of Salesforce, the business software juggernaut — and his wife, Lynne.
“Time’s parent company, Meredith Corporation, announced … that it had agreed to sell the flagship publication of once-mighty Time Inc. to the Benioffs for $190 million in cash.” (N.Y. Times)
Spot the trend:
Jeff Bezos buys The Washington Post.
Laurene Powell Jobs’ Emerson Collective (an investor in Axios) takes a majority stake in The Atlantic.
Dr. Patrick Soon-Shiong, a biotech billionaire who is considered the richest man in L.A., buys the L.A. Times.
P.S. Edward Felsenthal, who’ll remain TIME editor in chief, said in a note to staff:
“The Benioffs will hold TIME as a family investment. It will have no connection to Salesforce.”
“One of the first challenges Marc and Lynne gave us is to think big, really big. Beyond the five-year plan, what will TIME look like in 2040? What will it mean to people decades from now?
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