Greek media company, the Antenna Group, is currently in discussions to acquire another media company, Time, from Salesforce co-founder Marc Benioff, as reported by sources familiar with the situation. The talks are in the early stages, and no agreement has been finalized yet, according to the sources who preferred to remain anonymous due to the confidential nature of the discussions.
A spokesperson from Time stated, “There is no agreement to sell Time,” and declined to provide further comments on the negotiations with Antenna. Meanwhile, there was no response to requests for comments from a spokesperson representing the Antenna Group.
Marc Benioff purchased Time in 2018 for $190 million. Initial discussions with Antenna have revolved around a potential price of $150 million, according to one of the sources.
These discussions are taking place amidst a challenging period for traditional media companies, as they navigate the shift towards digital platforms and face competition from free services like YouTube, TikTok, and Instagram.
In related news, Comcast recently announced its consideration of spinning off its cable network group. Additionally, The Washington Post, owned by tech billionaire Jeff Bezos, experienced a decline of over 10% in subscribers after opting not to endorse a candidate in the U.S. presidential election, as reported by NPR.
Benioff and his wife, Lynne, acquired Time from Meredith Corp., the previous owner of the magazine for a brief period. Alan Murray, the chief content officer of the Time Inc. brands at Meredith, praised the Benioffs for prioritizing journalistic integrity over corporate interests during the acquisition.
The Antenna Group had previously come close to acquiring Vice Media in 2022 before Vice Media filed for bankruptcy. While the majority of its investments have been focused in Europe, the company has also invested in Arianna Huffington’s technology venture, Thrive Global.
Disclosure: Comcast is the owner of NBCUniversal, the parent company of CNBC.
Correction: This article has been updated to rectify the name of the media company, Time.
