Time Magazine Sold to Salesforce CEO Marc Benioff and Wife Lynne Benioff

Salesforce CEO Marc Benioff and his wife, Lynne, announced Sunday they are buying Time magazine from Meredith Corp. for $190 million. Meredith took over Time as well as Time Inc. last November, and soon after announced it would be selling some of its titles. Meredith confirmed in March it had plans to sell Time, but the process took longer than anticipated. The Benioffs are not buying any other Time Inc. titles, which include Fortune, Money, and Sports Illustrated.