Marc Benioff in Talks to Sell Time Magazine to Antenna Group: A New Era for Legacy Media?
Marc Benioff in Talks to Sell Time Magazine to Antenna Group: What This Could Mean for Legacy Media
Marc Benioff, the visionary co-founder and CEO of Salesforce, is reportedly in negotiations to sell Time magazine to Greece's media giant, Antenna Group. Benioff, who purchased Time in 2018 for $190 million, may be considering an exit strategy amid a shifting media landscape, with the current talks suggesting a potential valuation around $150 million. This possible sale highlights the ongoing challenges faced by traditional media in adapting to the digital age, where social media and streaming platforms reign supreme. The negotiations, however, remain preliminary, and no deal has yet been finalized. A spokesperson for Time has stated that “there is no agreement to sell Time,” while Antenna Group has refrained from commenting on the discussions.
The Story Behind Benioff’s Ownership of Time
When Benioff and his wife Lynne acquired Time magazine from Meredith Corporation in 2018, the purchase marked a bold move for the tech mogul, known primarily for his leadership of Salesforce. The acquisition aimed to rejuvenate the magazine’s legacy, which boasts a readership of over 100 million, including around 50 million digital visitors. Since its inception over a century ago, Time has stood as an iconic American publication, celebrating its 101st anniversary last year. Despite this storied history, like many legacy media outlets, Time has grappled with financial pressures and operational difficulties.
In response to these challenges, Benioff has shifted focus to event-based revenue streams. Time magazine significantly expanded its events business in recent years, from 10 events in 2022 to 18 last year, driving a 55% boost in annual revenue. Yet, even with these growth efforts, it appears Benioff is reconsidering the viability of Time as a long-term investment.
A Struggling Media Landscape and the Broader Context
The potential sale of Time comes at a critical juncture for traditional media. Competing with the digital engagement powerhouses like YouTube, TikTok, and Instagram, legacy publications are seeing readerships decline, often struggling to adapt their print-based models to profitable digital formats. Industry-wide, media companies are navigating declining print circulation and ad revenue, prompting many to explore mergers, acquisitions, or partnerships to stay afloat.
Antenna Group’s interest in acquiring Time underscores this shift, particularly as international media firms eye established U.S. brands for entry into the American market. The acquisition would also allow Antenna to bolster its portfolio with a recognizable name and leverage Time’s established influence to broaden its reach in both content and brand credibility.
Marc Benioff: The Tech Mogul and Media Experimenter
Benioff remains a key player in the technology sector, currently serving as CEO of Salesforce with a personal fortune estimated at $10.7 billion, placing him among the wealthiest in the world. His foray into media with Time marked a divergence from his core business focus on technology. While his leadership has brought some operational innovation to Time, the magazine has yet to reach the digital profitability benchmarks that tech-savvy investors seek.
Our Predictions: The Potential Implications of Benioff’s Exit and Antenna Group’s Entry
If Benioff does finalize a deal with Antenna Group, it would signal an important shift in the media investment landscape. Benioff’s potential departure from Time reflects a recognition of the operational complexities of legacy media, even amid efforts to boost revenue through events. For Benioff, exiting the media space could indicate that the returns in legacy media are not aligned with the growth-driven expectations typical of his tech background. This move suggests that Benioff may refocus his efforts on more lucrative, tech-centered opportunities, potentially leaving traditional media behind in favor of sectors more aligned with Salesforce’s digital ethos.
For Antenna Group, however, the acquisition represents a promising entry point into the U.S. market. Owning Time would give Antenna access to an American audience with a trusted brand, laying the groundwork for expanded media and entertainment initiatives in the U.S. The company may seek to reposition Time with a diversified content approach—combining digital, event-based, and multimedia channels. If successful, this could trigger similar acquisitions, as foreign investors recognize the opportunity to invest in legacy American media assets and reimagine them as global content powerhouses.
The broader implication for the industry is substantial. A successful acquisition could lead other struggling legacy media outlets to seek foreign investment or partnerships, potentially reshaping the competitive landscape. Legacy brands like Time could become the nexus for high-growth content markets, fueled by global investment and evolving to deliver culturally resonant, locally relevant content. Should this trend continue, it could spark a wave of mergers and acquisitions as legacy American brands seek to partner with digital-first platforms to keep pace with modern consumer demands.
In sum, Benioff’s potential divestment and Antenna Group’s interest may set a precedent for how legacy media transforms in the coming decade, blending traditional credibility with the agility and innovation required to survive in an increasingly digital-first world.