Time Magazine has been sold to Silicon Valley billionaire in a $190 million (£145.3 million) deal.
Marc and Lynne Benioff are personally buying the magazine just eight months after it was sold to Meredith Corporation (NYSE: MDP).
Marc Benioff is the co-founder of Salesforce.com (NYSE: CRM).
In a statement, Meredith said the Benioffs “will not be involved in the day-to-day operations or journalistic decisions”.
Meredith President and CEO Tom Harty said: “We’re pleased to have found such passionate buyers in Marc and Lynne Benioff for the Time brand. For over 90 years, Time has been at the forefront of the most significant events and impactful stories that shape our global conversation.”
“We know Time will continue to succeed and is in good hands with the Benioffs. We thank the Time team for its ongoing hard work and passionate commitment,” he added.
The deal must get regulatory approval and could be closed within a month.
The Benioffs said: “We are honoured to be the caretakers of one of the world’s most important media companies and iconic brands.”
“Time has always been a trusted reflection of the state of the world, and reminds us that business is one of the greatest platforms for change.”
Time Editor-in-Chief, Edward Felsenthal, said: “On behalf of the entire Time team, we are very excited to begin this next chapter in our history.”
“We can’t imagine better stewards for Time than Marc and Lynne Benioff. The team is inspired by their commitment to high-quality journalism and by their confidence in the work we have done to transform and expand the brand in new directions.”
Benioff is the latest tech figure to invest in print publication. In 2013, Amazon founder (NASDAQ: AMZN) Jeff Bezos bought the Washington Post.
