Salesforce CEO Marc Benioff is reportedly in talks to sell his media company, Time, to Greek media company Antenna Group. Benioff acquired Time in 2018 for $190 million, but it is now said that the potential sale price would be closer to $150 million. However, a spokesperson for Time stated that there is currently no deal in place to sell the company. In a recent interview on the GeekWire Podcast, Benioff discussed the challenges of being in the media industry compared to the tech industry, noting that the media industry is much more difficult and complex.
Benioff highlighted the fluidity of business models in the media industry as one of the toughest aspects of being involved in that sector. He explained that Time has a multi-faceted approach to its products, including print, digital, events, NFTs, Time Studios, and a movie studio. He emphasized the constant need to innovate and expand the brand through various products and sub-brands. Benioff also mentioned that the media industry is fast-moving and dynamic, potentially even more so than the tech industry, which he has been involved in for over four decades.
The potential sale of Time to Antenna Group raises questions about Benioff’s future plans for the media company. Despite his success in the tech industry with Salesforce, Benioff acknowledged the challenges of navigating the media industry. The podcast interview provided insights into Benioff’s perspective on the differences between the two industries and the complexities of running a media business. Time has evolved its offerings to include a diverse range of products and services, reflecting the need for adaptability and innovation in the media landscape.
As discussions continue regarding the potential sale of Time, Benioff’s strategic decision-making and vision for the company will be closely monitored. The acquisition of Time in 2018 marked a significant foray for Benioff into the media industry, and the subsequent developments and changes within Time have demonstrated a commitment to growth and diversification. The fluid nature of the media industry presents both challenges and opportunities for companies like Time, requiring a nimble and adaptive approach to remain competitive and relevant in a rapidly evolving landscape.
Time’s diverse portfolio of products, including print, digital, events, and NFTs, reflects a multi-dimensional strategy to engage audiences and expand the brand. The incorporation of Time Studios and a movie studio further demonstrates the company’s efforts to innovate and stay ahead of industry trends. Benioff’s leadership and strategic direction will play a crucial role in shaping Time’s future, whether through a potential sale to Antenna Group or continued growth and expansion within the media sector. The outcome of these discussions will undoubtedly have implications for Time’s position in the media industry and the broader landscape of media companies globally.
