Billionaire tech entrepreneur Marc Benioff is reportedly in discussions to sell Time magazine to Antenna Group, a major Greek media conglomerate.
Benioff, the co-founder of Salesforce with a net worth of $10.7 billion according to the Bloomberg Billionaires Index, has engaged in talks with Antenna Group over a potential deal for the iconic publication, CNBC reported.
Sources familiar with the matter revealed that Benioff, who purchased Time in 2018 for $190 million, is considering a $150 million offer from Antenna Group.
This comes amid a period of frustration for Benioff, particularly following a public dispute with US Vice President Kamala Harris. Last month, he criticised Harris for refusing to grant an interview to Time, despite both Donald Trump and Joe Biden agreeing to sit down for interviews during their respective campaigns.
In another recent controversy, Time made headlines when it left Elon Musk off its list of the 100 most influential figures in artificial intelligence.
Antenna Group has been looking to expand its footprint in the US media market. Last year, it came close to acquiring Vice Media before the company filed for bankruptcy.
Time, like many other magazines, has faced challenges in the face of declining print advertising revenues and newsstand sales. In its heyday, the magazine’s circulation topped 4 million copies in the 1970s to 1990s, surpassing competitors such as Newsweek and US News & World Report. By 2012, its circulation had dropped to 3.3 million, and today, it stands at around 1.6 million subscribers.
Source: NY Post.
