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Marc Benioff. Photo: Steve Jennings/Getty Images for TechCrunch

West Coast billionaires in tech and venture capital are buying up historic print titles in an effort to spread their idealistic ambitions to media.

Why it matters: The deals are helping to shift the reins of power in media from the old guard of East Coast publishing dynasties to wealthy, West Coast elites with new money.

The latest ... Salesforce CEO Mark Benioff and his wife Lynne are buying Time Magazine from Meredith Corp., which acquired the publication (with help from the Koch Brothers) as part of a $2.8 billion acquisition of its parent company Time Inc. in January.

  • The deal is priced at $190 million dollars, which is low considering the magazine was once one of the most popular reads in the country — but high considering the company has lost roughly a quarter of its subscriptions in the past year as its struggled to adapt to the world of digital, according to The Wall Street Journal.
  • The Benioffs will hold Time as a family investment with no connection to Salesforce, Time Editor Edward Felsenthal said in a statement.

Other West Coast heavyweights have been buying legacy print publications from private owners that have struggled to revive struggling papers amid a tough economic environment for legacy media — and specifically print.

The bigger picture: This trend is happening alongside other changes in technology and economics that are pushing power in media from New York and Washington to Los Angeles and Silicon Valley.

  • Smartphones and smart TVs are pushing time and attention — as well as advertising and subscription dollars — away from legacy media companies to new companies.
  • As a result, talent from the East Coast is moving west in search of better opportunities at more innovative companies.

Be smart: For the new guard of wealthy West Coast titans, media is the new philanthropy. And legacy titles, rich with history and cachet, give newcomers access to the talent and infrastructure needed to build influence.

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President Biden on Tuesday held his first call since taking office with Vladimir Putin, pressing the Russian president on the arrest of opposition leader Alexey Navalny and the Russia-linked hack on U.S. government agencies.

The state of play: Biden also raised arms control, bounties allegedly placed on U.S. troops in Afghanistan and the war in Ukraine, according to a White House readout. The statement said Biden and Putin agreed maintain "consistent communication," and that Biden stressed the U.S. would "act firmly in defense of its national interests in response to actions by Russia that harm us or our allies."

Biden signs racial equity executive orders

Joe Biden prays at Grace Lutheran Church in Kenosha, Wisconsin, on September 3, 2020, in the aftermath of the police shooting of Jacob Blake. PHOTO: Jim Watson/AFP via Getty Images

President Joe Biden on Tuesday signed executive orders on housing and ending the Justice Department's use of private prisons as part of what the White House is calling his “racial equity agenda.”

The big picture: Biden needs the support of Congress to push through police reform or new voting rights legislation. The executive orders serve as his down payment to immediately address systemic racism while he focuses on the pandemic.