Time Magazine is being sold by Meredith Corp to Marc Benioff, a co-founder of Salesforce, and his wife.
The sale is occurring nearly eight months after Meredith Corp. completed its purchase of Time Inc.
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.
Meredith, the publisher of such magazines as People and Better Homes & Gardens, had put four Time Inc publications up for sale in March.
Launched by Yale graduates, Time Magazine first went on sale in March 1923 with a cover price of 15 cents. Its circulation was a modest 9,000 copies, according to a corporate history written by Robert T. Elson. Its online platform Time.com audience grew to 31.7 million multiplatform unique visitors in July 2018, up from nearly 27.4 million in July 2015
Negotiations for the sale of the three other publications Fortune, Money, and Sports Illustrated was also in pipeline. The sale is occurring nearly eight months after Meredith Corp. completed its purchase of Time Inc.