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

Now it appears the magazine has found its new savior: Meredith has agreed to sell Time magazine to Salesforce CEO Marc Benioff and his wife Lynne Benioff for $190 million, according to the Wall Street Journal.

"The Benioffs are purchasing TIME personally and the transaction is unrelated to Salesforce.com, where Mr. Benioff is Chairman, co-CEO and founder", a statement from seller said. The sale is expected to be finalized in 30 days.

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".

"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. 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' purchase of the Washington Post has proved remarkably successful, while former Facebook exec Chris Hughes had a rockier time with his brief ownership of The New Republic. "We're investing in a company with tremendous impact on the world, one that is also an incredibly strong business", he said.

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The development was announced to Time staffers by its editor in chief Edward Felsenthal, who told employees on Sunday night that "Benioffs will hold Time as a family investment". Those decisions will continue to be made by Time's current executive leadership team, the announcement said.

Meredith, known for publications such as Better Homes & Gardens, acquired Time as part of its US$1.8 billion takeover of Time Inc.in January. "We know Time will continue to succeed and is in good hands with the Benioffs".

Meredith had completed the purchase of Time along with other publications of Time Inc. earlier this year. Meredith expects to announce agreements for the remaining asset sales in the near future.

Meredith confirmed the sale plans back in March.

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