Marc Benioff, the billionaire cofounder of cloud computing software firm Salesforce, and his wife, Lynne Benioff, are purchasing\u00a0Time\u00a0magazine from Meredith Corp. for $190 million. The sale, which\u00a0Meredith announced on Sunday, comes just eight months after Meredith completed its $2.8 billion purchase of magazine firm Time Inc. The deal is expected to close within the next 30 days, and makes the Benioffs the owners of one of America\u2019s most iconic news magazines. \u201cThe power of Time has always been in its unique storytelling of the people & issues that affect us all & connect us all,\u201d Benioff\u00a0tweeted. \u201cA treasure trove of our history & culture.\u201d Benioff will not have a day-to-day role in running\u00a0Time, which Meredith has been trying to sell along with fellow Time Inc. publications\u00a0Fortune, Money\u00a0and\u00a0Sports Illustrated.\u00a0The magazine\u2019s current executive leadership will remain intact, according to\u00a0Meredith\u2019s press release. and Salesforce will operate separately from the magazine. \u201cOn behalf of the entire\u00a0Time\u00a0team, we are very excited to begin this next chapter in our history,\u201d said\u00a0Timeeditor-in-chief\u00a0Edward Felsenthal in a\u00a0statement. \u201cWe can\u2019t imagine better stewards for TIME than\u00a0Marc and Lynne Benioff. The team is inspired by their commitment to high-quality journalism and by their confidence in the work we have done to transform and expand the brand in new directions." The tech founder, who is worth $6.7 billion by\u00a0Forbes\u2019\u00a0estimate, is the latest billionaire to purchase a struggling legacy publication. In 2013, Amazon founder Jeff Bezos purchased the\u00a0Washington Post\u00a0for $250 million, which at the time was experiencing declining advertising revenue and readership, and earlier this year, pharma billionaire Patrick Soon-Shiong purchased the\u00a0Los Angeles Times, which had experienced a tumultuous few years financially and in staff turnover, for $500 million. Time,\u00a0too, has been hurt by the changing media environment, in which newsstand sales and advertising revenue\u2014both in print and online\u2014have generally declined. Last year the weekly magazine, which is known for its red-bordered cover and annual \u201cPerson of the Year\u201d issue, was forced to cut its circulation by one third,\u00a0the\u00a0Wall Street Journal\u00a0reported last year. Its then-parent company Time Inc., which last year experienced a year-over-year revenue drop of 8%, also laid off 300 staffers. But amid a push focused on digital video,\u00a0Time\u00a0has seen its digital audience reach over 30 million monthly unique visitors, according to comScore\u2014up more than 15% over the last three years. It will be up to Benioff to continue to \u00a0steer\u00a0Time\u00a0in a direction suited for today\u2019s digital media landscape. \u201cFor over 90 years,\u00a0Time\u00a0has been at the forefront of the most significant events and impactful stories that shape our global conversation,\u201d Tom Harty, Meredith\u2019s chief executive, said in a statement. \u201cWe know\u00a0Timewill continue to succeed and is in good hands with the Benioffs.\u201d While still chairman and CEO of Salesforce, Benioff has invested in dozens of other companies, though most are in the tech and software sphere. These include cybersecurity software company Illumio, which has been valued at over $1 billion, real estate app Compass and hotel software firm Duetto. He has also invested in Thrive Global, Arianna Huffington\u2019s new media platform. "Time\u00a0has always been a trusted reflection of the state of the world, and reminds us that business is one of the greatest platforms for change," said the Benioffs in the press release. Benioff has not yet replied to\u00a0Forbes' request for comment.