US power couple purchase Time Magazine for $190 million

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

The Wall Street Journal reported that the iconic news magazine is being sold for USD 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.

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.