Benioff Explains Why He Is Buying Time Magazine

Marc Benioff, chief executive of the software company Salesforce, and his wife, Lynne, said Sunday that they had agreed to buy Time magazine from Meredith Corp. for $190 million in cash.

Marc Benioff answered several questions about the deal by text message Sunday night. Lightly edited excerpts follow.

A: Hard to believe but … I am in a massage. (Benioff texts a graphic of a man under a towel with cucumbers on his eyes.)

A: I have been speaking with the CEO of Meredith since he bought Time Inc. about all of his assets.

A: I was interested in the potential. They are great assets.

A: They are aligned with the impact investing I do. I have a portfolio of almost 200 companies I have invested in.

A: My investors turned against me. I loved (Twitter). Love (Twitter chief executive) Jack (Dorsey) too.

A: Time is the best fit for us.

I really liked the Meredith team, and I definitely wanted to do something with them. It just wasn’t clear what it was. When Time emerged as the candidate we all felt it was right. That took nine months to figure out.

If Meredith didn’t buy Time Inc. this never would have happened. Meredith is the key player.

A: I live with a beginner’s mind. I didn’t realize two weeks ago I was going to buy Time. My power was that I didn’t really want to do anything but I was open to all possibilities.

A: No, it will stay in New York. I’m not going to get involved operationally. We don’t get operationally involved in our investments. I’m busy enough with my job. They have a great team. It’s a very strong business. Very profitable.

Meredith will continue to be a key partner going forward.

A: I feel our values are aligned. Trust is my highest value and it is Time’s as well.

A: Yes, always loved it.

A: “I’ve decided I can only be myself. Everyone else is taken.” — Oscar Wilde.

A: Paulene is amazing. Let me know if you want her number.