“. . . Mr. Benioff said he had been looking to extend the active personal investing — sometimes he calls it philanthropy — his family was doing already, in areas like climate change, public schools and health care for children. He said he looked at all the assets, such as Fortune, but was soon attracted to Time’s broader audience and wider circulation, as well as its pedigree of excellence. He claims that it is profitable, too, which was also an attraction.
“Time is a name that was most trusted for a rapidly changing society,” he said, one that still has “the ability to reach readers on a multidimensional level.”
Ticking off stats on the magazine’s readership, video views, event successes and digital impressions, Mr. Benioff sounded like a man on a mission to make us all understand that this brand of the past is surely the brand of the future.
And the jovial billionaire, who was wearing one of his endless supply of Hawaiian shirts, said he would be putting his copious money — $6.6 billion — where his voluble mouth is. He plans to give Time “as much investment as it needs” to succeed.
Mr. Benioff is not, of course, the first tech mogul to buy a diminished media asset recently. He joins a group that includes Amazon’s Jeff Bezos, who bought The Washington Post; Laurene Powell Jobs, who has invested in The Atlantic and several other publications; and the biotech entrepreneur Patrick Soon-Shiong, who purchased The Los Angeles Times.”
DL: Yes and thank you. Here is a comment I endorsed with enthusiasm.