Time magazine sold for $190 million to couple

Time Magazine is being sold by Meredith Corp. to Marc Benioff, a co-founder of Salesforce and his wife.

The Wall Street Journal reported that the iconic news magazine is being sold for $190 million to Benioff, one of four co-founders of Salesforce, a cloud computing pioneer.

The sale is occurring nearly eight months after Meredith Corp. completed its purchase of Time Inc.

Meredith, the publisher of such magazines as People and Better Homes & Gardens, had put four Time Inc. publications up for sale in March.

Negotiations for the sale of the three other publications — Fortune, Money and Sports Illustrated — are continuing.