Marc Benioff Joins Wealthy Clique Buying Magazines in Daunting Times
- Atlantic, Essence, Golf were all taken over by benefactors
- Barry Diller, Chris Hughes offer tales of what can go wrong
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Marc Benioff has joined the club of first-time magazine owners. If history is any guide, he won’t have an easy time.
The billionaire co-founder of Salesforce.com Inc. agreed Sunday to buy Time magazine for $190 million, taking over the iconic but struggling newsweekly from Meredith Corp. Benioff, 53, and his wife say they won’t be involved in day-to-day operations or journalistic decisions at the magazine and that they plan to keep the current leadership.