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 US$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.
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