'Time' magazine sold for USD 190 million

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.

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.