'Time' Editor-in-Chief Edward Felsenthal Named CEO

Time editor-in-chief Edward Felsenthal has added to his portfolio. He is now the magazine's CEO. 

The announcement was made a week after the closing of Meredith Corp.’s sale of the media brand to Salesforce owner Marc Benioff and his wife Lynn.

The tech billionaires bought Time for $190 million in cash.

“Under Edward’s leadership, the Time team has achieved strong profitability, created new products and now reaches the largest audience in its history, 100 million people around the world,” stated the Benioffs, who are co-chairs of Time.

Felsenthal told The Wall Street Journal he expects to hire 60 people, including 30 new editorial staffers and executives, to oversee revenue, technology and human resources.

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Felsenthal was named Time’s 18th editor-in-chief in 2017, after Nancy Gibbs’ 32-year reign. He had served as Time’s digital editor since 2013. He led a major expansion of the brand’s digital footprint, including the establishment of a 24/7 newsroom and video operation.

The company says it amassed nearly 2 billion video streams this year, as well as grown its events and franchises. Time claims 2 million subscribers.

In 2016, Felsenthal was named group digital director of news and lifestyle at Time Inc., the former owner of Time. He led digital content and growth across a dozen titles in that role.

Previously, Felsenthal was the founding executive editor, The Daily Beast in 2008; he also spent 15 years at The Wall Street Journal as a reporter and editor.

After completing its acquisition of Time Inc. in January, Meredith put the Time, Fortune, Sports Illustrated and Money magazines up for sale in March.The other three titles remain in negotiations with potential buyers.

Meredith will remain involved with the Time brand via a multi-year agreement with the Benioffs. The publishing company will provide consumer marketing, subscription fulfillment, paper purchasing and printing, among other services, such as corporate ad buys through Meredith.

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