Salesforce CEO Marc Benioff and his wife Lynne Benioff are buying Time Magazine for $190 million from Meredith Corp.
Time Magazine will be held in the Benioffs' family investment portfolio and will have no connection to Salesforce, according to Time editor in chief Edward Felsenthal. Meredith Corp., which had acquired Time Inc. last November, said that the deal with the Benioffs will be completed in the next 30 days.
Meredith is also planning on selling three other former Time Inc. titles - Fortune, Money, and Sports Illustrated - that Benioffs will not be buying.