Salesforce.com Inc. founder Marc Benioff and his wife Lynne agreed to acquire Time magazine from Meredith Corp. for $190 million in cash, joining Jeff Bezos among tech billionaires buying venerable print publications.
The move thrusts the brash 53-year-old entrepreneur, who helped lead the shift of software to an on-demand model, into a new role: media baron.
It's a transaction reminiscent of Bezos’s $250 million acquisition of the Washington Post in 2013. That purchase brought Bezos a Pulitzer Prize-winning, 140-year-old newspaper but also put him in the cross hairs of President Donald Trump, who has called the Post an “expensive lobbyist” for Amazon.com Inc.
Journalists may no longer enter the Pentagon’s press office, which has been designated as a classified...
