Marc Benioff
Marc Benioff

Salesforce CEO Marc Benioff and his wife, Lynne, are buying Time magazine for $190M cash from Meredith Corp, which acquired the Time Inc. magazine properties in January.

The new owners promise to stay away from the day-to-day operations and editorial direction of the magazine.

Meredith president Tom Harty said Meredith is "pleased to have found such passionate buyers in Marc and Lynne Benioff for the Time brand," which reaches 100M print and online readers monthly.

The Benioffs said in a statement they are honored to be the "caretakers of one of the world's most important media companies and iconic brands.

"Time has always been a trusted reflection of the state of the world, and reminds us that business is one of the greatest platforms for change," they said.

Meredith continues to look for buyers for Sports Illustrated, Fortune and Money to focus on its roster of women's magazines.