Washington: 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 $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.