Greek media company Antenna Group is reportedly in early discussions to acquire Time magazine from Marc Benioff, co-founder of Salesforce. While no deal has been finalized, people familiar with the matter indicated that discussions have centered around a possible $150 million acquisition price. Benioff, who purchased Time in 2018 for $190 million, has not confirmed a sale, and both Time and Antenna have declined to comment on the matter, keeping the talks private at this early stage.
Benioff and his wife, Lynne, initially bought Time from Meredith Corp., which had owned the magazine for less than a year. The Benioffs’ acquisition was viewed as a commitment to preserving the magazine’s journalistic mission over purely financial interests. According to Alan Murray, then-chief content officer of the Time Inc. brands at Meredith, the Benioffs were seen as ideal stewards of the publication due to their support for journalistic integrity.
Legacy media brands like Time are grappling with challenges in a digital-first world where platforms such as YouTube, TikTok, and Instagram dominate user attention and advertising dollars. The potential sale reflects the current turbulent climate for traditional media, which faces pressures to adapt or consolidate to survive against tech-driven competitors offering free, highly engaging content.
The Antenna Group has pursued growth opportunities beyond its European base, with investments in notable digital and media ventures, including a stake in Thrive Global, a technology company founded by Arianna Huffington. In 2022, Antenna almost acquired Vice Media, but the deal did not go through, and Vice eventually filed for bankruptcy. Acquiring Time could offer Antenna a notable foothold in the U.S. media market, allowing it to diversify its media assets with an established, globally recognized brand.
This potential acquisition comes amid a wave of strategic shifts by major media companies attempting to find sustainable business models in the face of a changing industry landscape. Recently, Comcast announced it was considering a spinoff of its cable network group, reflecting broader industry challenges. Similarly, the Washington Post, owned by Amazon’s Jeff Bezos, saw a subscriber drop of over 10% after refraining from endorsing a candidate in the U.S. presidential election, sparking debate on journalistic values versus business interests.
For Antenna, acquiring Time could be a significant step in expanding its media reach, particularly if it aims to leverage Time’s reputation and audience in a competitive digital environment.
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