The company said the Benioffs' acquisition of the magazine would be a personal purchase and would not be connected to Salesforce.com, where Marc Benioff is the founder and co-chief executive. The cash deal is expected to close within 30 days.
Meredith has reached a "multi-year" agreement with the Benioffs "to provide services such as consumer marketing, subscription fulfilment, paper purchasing and printing", it said.
"We're investing in a company with tremendous impact on the world, one that is also an incredibly strong business", Benioff told The Journal.
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.
4 dead as Hurricane Florence drenches the Carolinas
The Charlotte campus serves many students, Richards said, including those who study on campus and take classes online. Millions of people were expected to lose power from the storm and restoration could take weeks.
"Time has been at the forefront of the most significant events and impactful stories that shape our global conversation", Meredith CEO Tom Harty said. 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.
Mr Benioff, who has a net worth of US$6.5 billion, serves as the co-chief executive officer of Salesforce, but the deal is unrelated to the tech company, according to the statement. Amazon founder Jeff Bezos' purchase of the Washington Post has proved remarkably successful, while former Facebook exec Chris Hughes had a rockier time with his brief ownership of The New Republic.
Time has cut its circulation and struggled with declining advertising revenues.
Time, started by Yale University graduates Henry Luce and Briton Hadden, first went on sale in March 1923.
Benjamin Brown is a reporter for Fox News.