• by Ray Schultz , November 20, 2024

Time is in a celebratory mood as it wraps up the election year 2024 despite reportedly being in sales talks. 

The company's Q4 cash flow is its best to date, and Time is on track to have a positive flow in 2025, Time CEO Jessica Sibley writes in a memo to the staff.

In one achievement, Time realized an 18% gain in revenue from integrated sponsorships and strategic partnerships on the B2B front. As part of this effort, it has launched programs with Toyota, Merck, Glenfiddich, Cognizant, Eli Lilly and other brands, Sibley notes.

Time also grew its events business, attracting 30,000 attendees to date. Revenue increased by over 15% and the profit margin rose by 50% YoY, with the company on track to produce a record 31 events. 

The Time100 Climate Leadership Forum was the company's most profitable event ever. Sibley reports: “We also secured 30 new event partners, including Nike, Schneider Electric, Northern Data, Mattel, Delta, Nissan and Iberdrola.  

Salesforce co-founder Marc Benioff acquired Time for $190 million in 2018. He is now in preliminary talks to sell to the Antenna Group, a media company based in Greece, but there is no agreement, according to multiple reports.  

Sibley did not share 2024 dollar amounts in her memo, but she reports that Time now reaches more than 55 million people through its social platforms, and has increased its newsletter clickthroughs by over 49% YoY. In addition, it has seen a +30% increase in Instagram story referrals.  

On another front, Time has formed strategic AI partnerships with OpenAI, Perplexity, FOX Verify, ProRata AI, Tollbit, and other providers this year. 

Sibley thanked the journalistic staff for its performance during the election. 

“During election week, our newsroom worked around the clock, reaching Time's largest digital audience in 2024 and demonstrating that readers turn to TIME for information they can trust during the world’s biggest moments,” she wrote.