Marc Benioff, the founder and co-CEO of Salesforce, and his wife Lynne have purchased Time magazine from Meredith Corp. for $190 million in a personal cash deal unrelated to Salesforce.
The Benioffs will not be involved in Time's day-to-day operations or journalistic decisions, and the magazine's current executive leadership team will stay in place, according to Meredith. Meredith said it will provide short-term business continuity services as well as consumer marketing and subscription fulfillment services as part of a multiyear contract.
"We're pleased to have found such passionate buyers in Marc and Lynne Benioff for the Time brand," said Meredith President and CEO Tom Harty. "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."