Time Magazine To Be Sold To Billionaire Couple For $190 Million

Time Magazine is being sold by Meredith Corp.to Marc Benioff, a co-founder of Salesforce, and his wife.

The company said the Benioffs' acquisition of the magazine would be a personal purchase and would not be connected to Salesforce.com, where Marc Benioff is the founder and co-chief executive.

The deal could close within a month but must first get regulatory approval.

Benioff said in an email to CNN, "Lynne and I will take on no operational responsibility for Time, and look only to be the stewards of this historic and iconic brand".

Amazon founder Jeff Bezos, another wealthy tech giant, purchased The Washington Post in 2013 for $250 million.

They will not be involved in operations or journalistic decisions, "which will continue to be led by TIME's current executive leadership team", the statement said.

Meredith had completed the purchase of Time along with other publications of Time Inc. earlier this year.

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The deal, first reported by The Wall Street Journal, comes nearly eight months after Meredith finalized its purchase of Time Inc.

According to the WSJ, Benioff said that he and his wife are "investing in a company with tremendous impact on the world, one that is also an incredibly strong business".

"The Benioffs will hold Time as a family investment", Time editor in chief Edward Felsenthal told staffers on Sunday night.

"Time has been at the forefront of the most significant events and impactful stories that shape our global conversation", Meredith CEO Tom Harty said. "Meredith will also be able to include the Time brand in large corporate advertising buys". Shortly thereafter, Meredith announced it was selling Time Inc.'s news and sports brands - TIME, Sports Illustrated, Fortune and MONEY - to focus on brands serving its core audience of American women.

A Meredith spokeswoman said deals for the other three titles are expected to be announced in the "near future".

Meredith plans to use proceeds from the transaction to pay down debt.

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