Goodwin advised Marc and Lynne Benioff on their definitive agreement to purchase TIME media brand from the Meredith Corporation for $190 million in cash. As part of the transaction, the Meredith Corporation will provide short-term business continuity services and has entered into a multi-year agreement with the Benioffs to provide services such as consumer marketing, subscription fulfillment, paper purchasing and printing. Meredith will also be able to include the TIME brand in large corporate advertising buys.
The Benioffs are purchasing TIME personally and the transaction is unrelated to Salesforce.com, where Marc Benioff is Chairman, co-CEO and founder. The transaction is subject to customary closing conditions and regulatory approval and is expected to close within 30 days.
The Goodwin cross-disciplinary team was led by partners Ilan Nissan and Chris Dwyer; associate Isaac Vinyarsh; and international legal consultant Haili Ding (Corporate) and included partner Eric Willenbacher and counsel Kyle Pine (Tax), partner Joel Lehrer (IP), partner James Mattus, partner Al Solecki and associate Tim Holahan (Labor & Employment).
For additional details on the Benioff’s purchase, please read the press release.