The couple scoop up the media and marketing company that boasts 175 million USA consumers each month from Meredith Corporation, which ended up with the brand as part of its purchase of Time Inc in January this year.
A man holds up a copy of Time Magazine in Des Moines, Iowa January 28, 2016.
Benioff, who has a net worth of $6.5 billion, serves as the co-chief executive officer of Salesforce, but the deal is unrelated to the tech company, according to the statement. "Mr. and Mrs. Benioff will not be involved in the day-to-day operations or journalistic decisions, which will continue to be led by Time's current executive leadership team". "We have deep respect for their entire organization, and are honored to now have Time as part of our family impact investment portfolio".
"We are honoured to be the caretakers of one of the world's most important media companies and iconic brands", said the Benioffs. The Wall Street Journal first reported the sale, which is expected to close in the next 30 days.
The purchase of Time by Benioff continues a trend of acquisitions of old-line media institutions by wealthy tech titans, such as the Washington Post's purchase by Amazon founder Jeff Bezos in 2013 for $250 million. Meredith expects to announce agreements for the remaining asset sales in the near future. "The power of Time is its unique story telling of the people and issues that affect us all and connect us all", said Mrs. Benioff. As well as flogging Time magazine itself, Meredith is reportedly looking to sell off other titles, including Sports Illustrated, Fortune and Money, in favour of keeping a clutch of magazines "serving its core audience of American women".