Time magazine has found its own billionaire backer.
Marc Benioff, founder of cloud company Salesforce, said on Twitter late Sunday that he’s agreed to buy Time from Meredith Corp., about seven months after the company put it up for sale. The sale price is $190 million in cash, according to a report by the Wall Street Journal.
Edward Felsenthal, editor in chief of Time, wrote on Twitter that he couldn’t “imagine better stewards” for the magazine than Benioff and his wife, Lynne. “Excited to begin this new chapter with them and our terrific team.”
Benioff for his part wrote on Twitter that Time is “a treasure trove of history and culture” and that he and his wife “have deep respect for [the] organization and [are] honored to be stewards of this iconic brand.”
He added that “the power of Time has always been in its unique storytelling of the people and issues that affect and connect us all.”
A representative of Meredith could not be immediately reached for comment on the sale, but it fits in with the company’s initial expectation that deals for Time, Sports Illustrated, Money and Fortune would be hammered out around fall.
Whether or not the remaining three titles go to their own billionaires remains to be seen, but it’s certainly a trend of late. The Atlantic magazine and The Los Angeles Times were purchased this year by billionaires Laurene Powell Jobs and Patrick Soon-Shiong, respectively. Before that, Jeff Bezos bought The Washington Post.