Marc Benioff, co-founder of the cloud computing company Salesforce.com, and his wife Lynn Benioff are purchasing the publication, they confirmed to the Journal.
The proposed sale is expected to close within 30 days.
"We are honored to be the caretakers of one of the world's most important media companies and iconic brands", said the Benioffs.
The development was announced to Time staffers by its editor in chief Edward Felsenthal, who told employees on Sunday night that "Benioffs will hold Time as a family investment".
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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 Benioffs' purchase of Time will be kept separate from Salesforce, and the couple plans to take a hands-off approach to managing the magazine.
Time magazine is changing hands once again, almost eight months after it was sold to United States media group Meredith Corporation. The company expects to announce agreements for these sales "in the near future".
Meredith management has said that it's selling Fortune, Sports Illustrated and Time because they have different audiences and advertisers than most of its other magazines - a collection that focuses on entertainment, food, lifestyle, home, parenting, beauty and fashion. "We know TIME will continue to succeed and is in good hands with the Benioffs". "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", Felsenthal said.
The media conglomerate said it plans to use the money from the sale to pay down debt, with the goal of cutting its debt by $1 billion during the upcoming fiscal year.