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'Time' magazine sold for USD 190 million

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Wahington, Sep 17: The celebrated 'Time' magazine has been sold to a couple for a whooping USD 190 million recently. The former owner of the 'Time' Meredith Corp, gave up the magazine to Marc Benioff, a co-founder of Salesforce, and his wife.

"The Benioffs are purchasing TIME personally and the transaction is unrelated to Salesforce.com, where Mr. Benioff is Chairman, co-CEO and founder," a statement from the seller said. Marc Benioff is 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.

File photo of Time magazine front cover

Meredith announced in March that it was looking for a buyer for four magazines, including Time, Fortune and Sports Illustrated, which were bought less than four months ago.

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.

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