Meredith Corp. is selling Time magazine for $190 million to husband and wife philanthropists Marc and Lynne Benioff.
Marc Benioff is the co-founder, chairman, and co-CEO of Salesforce. The deal is expected to close within 30 days, The Wall Street Journal reports. "We're investing in a company with tremendous impact on the world, one that is also an incredibly strong business," Marc Benioff told the Journal. "That's what we're looking for when we invest as a family."
The Benioffs said they will not be involved in any journalistic decisions or the day-to-day operations of the magazine, and they do not plan on acquiring any other titles from Meredith. Meredith put Time, Money, Fortune, and Sports Illustrated up for sale in March, and negotiations are ongoing for the other three magazines.