17/09/2018 9:50 AM IST

Time Magazine To Be Sold To Billionaire Couple For $190 Million

Time was founded by Henry Luce and Briton Hadden in 1923.

Billionaire Marc Benioff and his wife, Lynne, are buying Time magazine from the Meredith Corporation for $190 million, the company said in a news release Sunday. The cash deal is expected to close within 30 days.

Meredith Corp. acquired Time on Jan. 31 as part of its $2.8 billion purchase of Time Inc. The company said the Benioffs’ acquisition of the magazine would be a personal purchase and would not be connected to, where Marc Benioff is the founder and co-chief executive.

“We are honored to be the caretakers of one of the world’s most important media companies and iconic brands,” the Benioffs said in a statement. “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.”

The Benioffs will not be involved in the day-to-day operations or the editorial decisions of the magazine, the news release said.

“We’re pleased to have found such passionate buyers in Marc and Lynne Benioff for the Time brand,” Meredith president and CEO Tom Harty said in a statement. “For over 90 years, Time has been at the forefront of the most significant events and impactful stories that shape our global conversation.”

In a memo to the magazine’s staff, Time’s editor in chief, Edward Felsenthal, said he was “thrilled” with the news.

“From the first moments we sat down with Marc and Lynne to discuss Time’s future, we knew that this was not just a meeting of minds and business goals, it was a confluence of purpose,” Felsenthal said.

He added that the Benioffs had told him to “think big, really big,” and envision what Time will look like in 2040.

Time was founded by Henry Luce and Briton Hadden in 1923.