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Billionaire Marc Benioff’s purchase of 95-year-old Time magazine didn’t come as a surprise to Rick Edmonds, a veteran media business analyst at Poynter Institute, a non-profit journalism school in St. Petersburg, Fla.

“It’s a very positive development for the Time,” he says. “Meredith Corp. was looking for a qualified buyer to take care of the property, they fulfilled their promises by selling it to someone who doesn’t have to maximize the dollar value he invests.”

On Sunday, Benioff, 53, founder of cloud computing company Salesforce.com Inc., announced that he would pay $190 million in cash from his personal wealth to acquire Time from Meredith Corp, which had purchased the news magazine from Time Inc. almost eight months ago.

Benioff is worth $6.6 billion, according to Forbes’ estimate.

“He and his family have invested in more than 200 companies, but none of them is in media. When they look where to put their money, the iconic Time magazine makes perfect sense,” a source close to the Benioffs tells Penta on condition of anonymity.

While the opportunity for profit is there, “they really look for investment not only because it’s good business, but because it can make a difference in society in some ways,” the source says.

Benioff’s move is another example in a pattern that has been taking shape for a while: People with substantial resources—from other industries—investing in media companies because “there is a great deal of prestige owning media, and the work is very important to the society,” Edmonds says.

The phenomenon has occurred to both large regional, national, and even international news media outlets.

In 2013, John Henry, the principal owner of the Boston Red Sox, who has a net worth of $2.6 billion by Forbes’ estimate, agreed to pay $70 million to buy The Boston Globe from The New York Times Co. At that time, Henry stated that he believed in the Globe’s “essential role that its journalists and employees play in Boston, throughout New England, and beyond.”

Later that year, Amazon.com founder and chief executive Jeff Bezos, currently the richest man in the world with a net worth of $162 billion, took over as the owner of The Washington Post, paying $250 million to the newspaper’s 80-year owner, the Graham family.

In 2014, Glen Taylor, who owns the NBA’s Minnesota Timberwolves and some other 80 businesses worldwide, bought the state’s largest newspaper, The Star Tribune, for $100 million. He said at the time that “The Star Tribune is not only a good business, it’s an important institution for all Minnesotans. Our state and the region benefit from the presence here of a strong journalistic enterprise.” Taylor’s estimated net worth is $2.9 billion.

Other examples include Laurene Powell Jobs, the widow of Steve Jobs, taking a majority stake in The Atlantic magazine in 2017, with a plan to take full ownership within five years, and biotech billionaire Patrick Soon-Shiong’s $500-million takeover of The Los Angeles Times this year.

With their substantial financial investment, these billionaires will certainly revamp the media industry, but not necessarily in a bad way, experts say.

“They all let the professionals do the editing and take care of business,” Edmonds says.

Billionaires are buying media companies partly because the companies are relatively cheap compared to their historic values, says Joshua Benton, director of Nieman Journalism Lab at Harvard University.

Of course, owning something people have a strong attachment to, which is the case with most prominent media, will boost these billionaires’ reputations. “Bezos owning The Washington Post definitely makes people have a different perspective of him; him being as an important leader not only in business world.”

But this can be a double-edge sword. “People like to complain about the media. Bezos, for one, got a lot of criticism from President Trump on Twitter,” Benton says.