According to a popular outlet, Salesforce cofounder Mark Benioff is reportedly in talks to sell Time magazine-media group to a Greek media company. Benioff acquired Time eight years ago. Multiple sources told the outlet that talks are in a preliminary stage, and Time is expected to be sold below the amount Benioff bought it for.
CNBC reported that people familiar with the matter but did not wish to be named said that the talks are in early stages. They also said that the Antenna Group is expected to acquire Time for roughly $150 million. Benioff had paid $190 million for Time when he acquired the media group in 2018. He and his wife Lynne bought the media company from Meredith Corp.
The outlet also reported that a Time spokesperson said there was “no agreement to sell Time.” The Antenna Group did not respond to requests for comment.
Time Magazine is the flagship of Time Inc. and was once a leading magazine with its unique storytelling and more. It has historical significance in the nation but lost some of its sheen as legacy media gave way to digital media, which also faces struggles. Time Inc. also has other popular titles such as Sports Illustrated, Fortune, and Money.
The Antenna Group is a leading organization. It produces content through various platforms, such as Television, OTT, Radio, Publishing, and others, across Europe and North America. It is privately owned by the Kyriakou family, which is based in Greece and Europe.
According to several outlets, the Antenna Group was reportedly in talks to buy Vice Media in mid-2022, as both media groups had a longstanding relationship. However, no deal was struck before Vice filed for bankruptcy in 2022, facing huge job cuts and restructuring.
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