The sale is expected to close within 30 days and the Benioffs are buying the publication as individuals, according to the Wall Street Journal. The purchase is unrelated to Salesforce.
The sale comes only eight months after Meredith has nabbed the 95-year old publication. Meredith previously tried to acquire Time Inc. in 2013, but allegedly balked at bundling Time, Fortune, Sports Illustrated and other major titles into the deal.
According to the WSJ, Benioff said that he and his wife are “investing in a company with tremendous impact on the world, one that is also an incredibly strong business.”
He added, “That’s what we’re looking for when we invest as a family.”
The sale of Time is expected to close, however, negotiations will continue for the proposed sale of Fortune, Money and Sports Illustrated.
Time has and continues to be a culturally significant publication, specifically under the current administration under Donald Trump. They have released numerous covers and stories in regards to Trump including a June issue that addressed the immigration crisis. The cover featured an image of Trump towering over the viral photo of a little girl from Honduras crying for her mother.
Time is also wildly known for their annual “Person of the Year” issue which lists the 100 most influential people in the world. In 2017, Time named “Silence Breakers” as the Person of the Year. The issue paid tribute to the #MeToo movement started by Tarana Burke in 2006 and adopted by members of media and entertainment in the wake of the Harvey Weinstein scandal.