Time magazine sold for $ 190 million to couple

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Salka Pai
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Time magazine sold for $ 190 million to couple

Salesforce founder and co-CEO Marc Benioff (Photo- Twitter/@salesforcejobs)

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

The Wall Street Journal reported that the iconic news magazine is being sold for $ 190 million to Benioff, one of four co-founders of Salesforce, a cloud computing pioneer.

The sale is occurring nearly eight months after Meredith Corp. completed its purchase of Time Inc.

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Meredith, the publisher of such magazines as People and Better Homes & Gardens, had put four Time Inc publications up for sale in March.

Negotiations for the sale of the three other publications Fortune, Money and Sports Illustrated are continuing.

Salesforce TIME magazine Marc Benioff