About eight months after Meredith acquired Time Inc., the company announced it has secured new owners for Time magazine.
The title will go to Salesforce founder Marc Benioff and his wife, Lynne, for $190 million in cash and is expected to close within 30 days, according to Meredith in a news release.
The sale is a personal one and is unrelated to Marc Benioff’s position as chairman and co-CEO. The couple will not be involved in daily or editorial operations and the title will continue to be run by current executives.
“We’re pleased to have found such passionate buyers in Marc and Lynne Benioff for the TIME brand,” said Meredith president and CEO Tom Harty, in a statement.
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