Marc Benioff buys Time Magazine for $190 million

Marc Benioff, the co-founder of Salesforce.com, and his wife Lynne have bought Time Magazine from Meredith Corp. for $190 million, Benioff confirmed to Axios.

The details: The purchase, first reported by the Wall Street Journal, comes less than a year after Iowa-based Meredith Corp. acquired Time Inc. for $2.8 billion. CNN's Brian Stelter reports that the Benioffs will not be involved in day-to day editorial functions. Benioff confirmed the purchase in a tweet, saying, "We have deep respect for their organization & honored to be stewards of this iconic brand."