Salesforce CEO Marc Benioff attends the TIME100 Gala held at Jazz at Lincoln Center on April 26, 2023 in New York City.
Dimitrios Cambris | Getty Images
Greek media company Antenna Group is in talks to acquire fellow media company Time salesperson Co-founder Marc BenioffAccording to people familiar with the matter.
The people, who asked not to be identified because the discussions are private, said a deal was not yet certain and talks were in their early stages.
A spokesman for Time magazine said there was “no agreement to sell Time” but declined to comment on the negotiations with Antenna. A spokesman for Antenna Group did not respond for comment.
Benioff Acquired Time Magazine for $190 million in 2018. One of the people said early negotiations with Antenna centered on a price of $150 million.
The talks come at a particularly tumultuous time for traditional media companies, which are trying to keep digital-first assets viable amid competition from free services like YouTube, TikTok and Instagram.
Comcast announced on thursday It is considering spinning off its cable networks group. The Washington Post, owned by tech billionaire Jeff Bezos, has lost more than 10% of its subscribers in recent days after deciding not to endorse a candidate in the U.S. presidential election. According to NPR.
Benioff and his wife, Lynne, acquired Time magazine from Meredith Corp., which owned the magazine for less than a year .
“The Benioffs are the perfect fit, with their willingness to put journalistic integrity ahead of corporate interests,” said Alan Murray, chief content officer for Meredith Times Inc. brands. then.
Antenna group almost acquired Vice Media will declare bankruptcy before 2022. Most of its investments are Europe-focused, although it invested in Arianna Huffington’s tech company Thrive Global.
Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.
Correction: This article has been updated to correct the name of Times Media.
