Salesforce co-founder Marc Benioff has begun exploring the possibility of selling Time to Greek media conglomerate Antenna Group, two people familiar with the matter said. A representative of the magazine confirmed that indeed the two companies met but declined to comment further.
Although the terms are fluid, preliminary reports suggest that talks over the potential sale are to be valued at around $150 million. This is once again a testing time for well-established media companies that are being subjected to increased competition from digital-first platforms that include YouTube, TikTok, and Instagram. All these changes in consumer behaviors and revenue models necessitate legacy media organizations to be agile with time so as not to fall out of obscurity.
The past few months have been marked by wave after wave of restructuring at the broader level of the media landscape. Comcast has talked of spinning off its cable network division, while The Washington Post has opted not to endorse a candidate for the U.S. presidential election, a decision that has come at a subscriber cost indicative of the raucous environment that legacy media companies face.
When Marc Benioff purchased Time in 2018, the acquisition was considered one of the excellent gestures towards quality journalism during the constant media landscape changes. He and his wife, Lynne Benioff, bought the magazine from Meredith Corp. for $190 million, and his priority was journalistic integrity instead of the short-term financial gains. The leadership at Time under the helms of Benioff’s was saluted for still giving priority to editorial independence and public service journalism.
Antenna Group, which has always focused primarily on European investments, was reportedly close to signing up to buy Vice Media in 2022 just before the company filed for bankruptcy. Antenna also owns a stake in Thrive Global, the wellness and technology company that Arianna Huffington founded.
The sale of Time remains uncertain, but the discussions already initiated mark an even bigger wave of change and consolidation in the media sector as old houses seek alternative means to achieve survival in a highly digital future.