The cover of Time magazine is seen at a news stand at Pennsylvania Station in NY U.S., November 9, 2016.
"On behalf of the entire TIME team, we are very excited to begin this next chapter in our history", said TIME editor-in-chief Edward Felsenthal.
He added that the Benioffs had told him to "think big, really big", and envision what Time will look like in 2040.
The deal, which is expected to close in 30 days, was announced to Time staffers on Sunday night. Jeff Bezos had purchased The Washington Post for $250 million almost five years ago.
'High intensity' rain expected with end of storm Helene
Some parts could see highs of 79F (26C), which is 7C (13F) to 8C (15F) above average for the time of year, the Met Office said. Parts of Britain are expected to be battered with winds reaching as high as 65mph as Helene sweeps in from the west.
An astronaut has captured a powerful storm from space
Trouble began brewing last week, when three hurricanes-Florence, Isaac, and Helene-starting churning up the North Atlantic. The agencies' fleet of satellites track various elements, including location, wind speed, rainfall, and temperature.
Manafort reaches 'tentative' plea deal with Mueller
Manafort worked for five months on Trump's 2016 campaign, including three as chairman. Manafort's defense. "I plead guilty", Manafort said.
Time is chiefly known for its long-running Person of the Year feature, as well as its front covers, which normally feature prominently trendy American business figures.
"We're pleased to have found such passionate buyers in Marc and Lynne Benioff for the Time brand", Meredith president and CEO Tom Harty said in a statement.
Meredith bought Time magazine and the rest of Time Inc. last November. The lifestyle and women's publishing giant said it would sell off titles that were not compatible with its existing titles.
As part of the transaction, Meredith will perform short-term business continuity services for the Benioffs as well as consumer marketing, subscription fulfillment, paper purchasing, and printing services. "Meredith will also be able to include the Time brand in large corporate advertising buys".
Meredith management has said that it's selling some of the acquired titles 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. Benioff is not buying those. According to industry insiders, Benioff's will not interfere in magazine's operations and journalistic or editorial decisions.