Salesforce co-founder purchases Time magazine for $190 million

Saleforce co-founder Marc Benioff, and his wife are purchasing Time Magazine for $190 million in cash. (AP)

Time magazine is being acquired by Salesforce co-founder Marc Benioff, and his wife, for $190 million in cash.

The deal was announced Sunday by Meredith Corp., which bought the brand along with other publications of Time Inc. earlier this year

Benioff, who is one of the four co-founders of the cloud computing pioneer, is personally purchasing Time from Meredith Corp., and the transaction is unrelated to Salesforce.com, the announcement said.

"We're pleased to have found such passionate buyers in Marc and Lynne Benioff for the Time brand," Meredith president and CEO Tom Harty said in a statement. "For over 90 years, Time has been at the forefront of the most significant events and impactful stories that shape our global conversation."

The chairman, co-CEO and co-founder would not be involved in the day-to-day operations or journalistic decisions at Time — instead, the decisions will continue to be made by Time's current executive leadership team, according to the announcement.

Time had been on the market since March, while the negotiations of sales for Fortune, Money and Sports Illustrated are still continuing. Meredith is also the publisher of People and Better Homes & Gardens.

The deal is expected to close within 30 days.

Benioff recently told The Wall Street Journal that he and his wife were investing "in a company with tremendous impact on the world, one that is also an incredibly strong business. That's what we're looking for when we invest as a family."

Amazon founder Jeff Bezos, another wealthy tech giant, purchased The Washington Post in 2013 for $250 million.

Time, like other magazines, has struggled with continued declines in print advertising and newsstand sales.

Started by Yale University graduates Henry Luce and Briton Hadden, Time first went on sale in March 1923.

The Associated Press contributed to this report.