Salesforce CEO Marc Benioff to buy Time magazine for $190 million

The cover of Time magazine is seen at a news stand at Pennsylvania Station in New York

The cover of Time magazine is seen at a news stand at Pennsylvania Station in New York

Marc Benioff, co-founder of the cloud computing company, and his wife Lynn Benioff are purchasing the publication, they confirmed to the Journal.

Meredith, which completed a $2.8 billion all-cash acquisition of Time Inc. earlier this year, said the transaction was subject to regulatory approval and expected to close within 30 days.

Marc Benioff, the billionaire co-founder and CEO of Salesforce, will become the new owner of Time magazine.

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"The power of Time has always been in its unique story telling of the people and issues that affect us all and connect us all", Benioff said.

The Benioffs take over the publication at an uncertain time for print media. TIME is a global, breaking news multimedia brand that reaches a combined audience of more than 100 million readers in print and online, including over 50 million digital visitors and 40 million social followers each month.

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

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As part of the transaction, Meredith will provide short-term business continuity services and has entered into a multi-year agreement with the Benioffs to provide services such as consumer marketing, subscription fulfillment, paper purchasing, and printing.

The deal comes roughly eight months after Meredith Corp., a publisher with ties to GOP mega-donor Charles Koch, purchased Time Inc. for $1.8 billion. "Meredith will also be able to include the Time brand in large corporate advertising buys". Those decisions will continue to be made by Time's current executive leadership team, the announcement said.

Meredith is also working on selling three other former Time Inc. titles: Fortune, Money, and Sports Illustrated. "We have deep respect for their entire organization, and are honored to now have Time as part of our family impact investment portfolio".

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Meredith said on Sunday that deals for the other titles are expected in "the near future".

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