As we previously reported, the newsweekly announced late Sunday that it has been acquired by Salesforce founder and CEO, Marc Benioff.
Benioff and his wife Lynne are paying $190 million to buy Time from Meredith Corp., which acquired parent Time Inc. for $1.8 billion last year.
The deal is expected to close within 30 days.
Time editor-in-chief Edward Felsenthal — who will remain editor as the publication changes hands — sent a letter to staff Friday, announcing seven new staffers, seven new promotions and new assignments.
Time readership was up 45% in the first six months of 2018, compared to the same period last year, he wrote.
The magazine is “on target for nearly 2 billion video streams on Time.com this year, including a new record of 17 million streams on Time.com in July.”
Judy Berman is joining Time as television critic, while Anny Kim is being promoted to copy chief at Time. Gina Martinez is joining as a reporter on the news desk. Annabel Gutterman and Kat Moon join as associate audience engagement editors.
The magazine is expanding to new assignments in Asia and the Middle East, with various promotions: Feliz Solomon becomes senior editor in the Hong Kong bureau, Charlie Campbell becomes East Asia correspondent and Joseph Hincks becomes Middle East correspondent.
Jamie Ducharme and Abigail Abrams are being promoted to staff writers, while Abby Vesoulis is now a reporter based in Time's D.C. bureau.
According to The Wall Street Journal (citing Alliance for Audited Media and comScore numbers), which first reported the news, Time cuts its circulation to 2.3 million for the six-month period ended June 30, down from 3 million in the same period last year.
Time.com’s audience grew to 31.7 million multiplatform unique visitors in July 2018, up from nearly 27.4 million in 2015.