The co-founder of Salesforce.com, Marc Benioff, and his wife Lynne Benioff are personally buying Time for USD 190m nearly eight months after it was sold to US media group Meredith Corporation.
Benioff tweeted , "The power of Time has always been in its unique storytelling of the people & issues that affect us all & connect us all".
"A treasure trove of our history & culture", he added.
Meredith said the Benioffs "will not be involved in the day-to-day operations or journalistic decisions".
The deal could close within a month but must first get regulatory approval.
"The power of Time has always been in its unique storytelling of the people and issues that affect us all, and connect us all," he tweeted.
Time editor-in-chief Edward Felsenthal said in a statement, "On behalf of the entire Time team, we are very excited to begin this next chapter in our history" .
"We can't imagine better stewards for TIME than Marc and Lynne Benioff. The team is inspired by their commitment to high-quality journalism and by their confidence in the work we have done to transform and expand the brand in new directions", he added.
(Featured image:Yahoo Finance)
