The deal comes roughly eight months after Meredith Corp., a publisher with ties to GOP mega-donor Charles Koch, purchased Time Inc. for $1.8 billion.
The venerable newsmagazine Time, a almost 100-year-old media institution, is about to have new owners - Marc Benioff, Salesforce chairman and co-CEO, and Lynne Benioff, his wife. Amazon founder Jeff Bezos' purchase of the Washington Post has proved remarkably successful, while former Facebook exec Chris Hughes had a rockier time with his brief ownership of The New Republic. "We have deep respect for their entire organization, and are honored to now have Time as part of our family impact investment portfolio".
The Benioffs 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. That deal also gave Meredith People and Better Homes & Gardens. But it soon put some of the business's biggest titles up for sale, including Sports Illustrated, Fortune and Time itself. At the time, it was said the move could set up a succession plan for Benioff as he moved to be co-CEO as a result.
Meredith said on Sunday that deals for the other titles are expected in "the near future". Mr Benioff will gain an additional platform with Time, despite his distance from editorial decision-making.
Print advertising is on the decline and Time cut circulation down from 3 million to 2.3 million earlier this year, according to the Alliance for Audited Media.
Benioff said in an email to CNN, "Lynne and I will take on no operational responsibility for Time, and look only to be the stewards of this historic and iconic brand".
Meredith said Time reaches a combined audience of more than 100 million readers in print and online, with more than 50 million digital visitors and 40 million social followers each month.
"For over 90 years, Time has been at the forefront of the most significant events and impactful stories that shape our global conversation".