Salesforce CEO, Marc Benioff, is reportedly in talks to sell Time, which he acquired in 2018 for $190 million, to Greek media company Antenna Group. However, a Time spokesperson has stated that there is no deal in place to sell the company. Sources have indicated that a potential sale price could be closer to $150 million. Benioff recently discussed various topics including artificial intelligence, Microsoft, Seattle tech, and the challenges of the media industry on the GeekWire Podcast, where he mentioned that media is much more difficult than the tech industry due to the fluidity of models and constant need for innovation and growth.
Benioff highlighted the complexities of the media industry, emphasizing the various products and services that Time offers including print, digital, events, NFTs, Time Studios, and a movie studio. He explained that the media industry is constantly evolving, with new brands, sub-brands, and products being developed rapidly. Benioff compared the fast-paced nature of the media industry to the tech industry, which he has been a part of for 45 years, stating that the media industry is even more dynamic and challenging due to its ever-changing landscape.
The potential sale of Time to Antenna Group reflects Benioff’s strategic decision to potentially divest from the media industry and focus more on the tech sector, where he has a wealth of experience. Benioff’s acquisition of Time in 2018 was seen as a move to expand his influence beyond the tech world into the media landscape. However, the challenges of the media industry and the constant need for innovation and growth may have led Benioff to consider selling Time to a media company that can focus solely on the complexities of the industry.
As a successful tech entrepreneur and CEO of Salesforce, Benioff’s foray into the media industry with the acquisition of Time demonstrated his interest in expanding his reach and influence. However, the potential sale of Time may indicate a shift in priorities as Benioff navigates the challenges of running a media company in addition to managing his tech empire. The sale could also provide Antenna Group with an opportunity to expand its presence in the media industry and leverage the resources and expertise of Time to enhance its operations and offerings.
The media industry’s competitive landscape and the need for constant innovation and adaptation have posed challenges for Time under Benioff’s ownership. The potential sale to Antenna Group could offer a new direction for Time and allow the company to focus on its core media business while providing Antenna Group with valuable assets and opportunities for growth. Benioff’s decision to potentially sell Time reflects the demands and complexities of the media industry and may signal a strategic shift in his focus and priorities as a tech entrepreneur and business leader.
