By Agence France-Presse
"The Benioffs are purchasing TIME personally and the transaction is unrelated to Salesforce.com, where Mr. Benioff is Chairman, co-CEO and founder," a statement from the seller said.
They will not be involved in operations or journalistic decisions, "which will continue to be led by TIME's current executive leadership team," the statement said.
"The power of Time has always been in its unique storytelling of the people & issues that affect us all & connect us all," Marc Benioff wrote on Twitter.
"A treasure trove of our history & culture. We have deep respect for their organization & honored to be stewards of this iconic brand," Benioff wrote.
Meredith announced in March that it was looking for a buyer for four magazines, including Time, Fortune and Sports Illustrated, which were bought less than four months ago.
By snatching up Time, Marc Benioff joins several other billionaires who have purchased storied publications, including Amazon's Jeff Bezos, the world's wealthiest person, who bought the prestigious Washington Post newspaper in 2013.
The same year, John Henry, the billionaire owner of the Boston Red Sox, purchased The Boston Globe, while billionaire Patrick Soon-Shiong, who made a fortune in biotechnology, bought The Los Angeles Times in June.
Billionaire investor Warren Buffet has also purchased a series of newspapers in recent years.