The Benioffs said Sunday they will buy the 95-year-old newsmagazine for $190 million from owner Meredith Corp., which put the title up for sale in March. The sale is expected to close in 30 days.

“The power of Time has always been in its unique storytelling of the people & issues that affect us all & connect us all. A treasure trove of our history & culture. We have deep respect for their organization & honored to be stewards of this iconic brand,” Marc Benioff wrote on Twitter.

The power of Time has always been in its unique storytelling of the people & issues that affect us all & connect us all. A treasure trove of our history & culture. We have deep respect for their organization & honored to be stewards of this iconic brand. https://t.co/TsbcXhO1OU — Marc Benioff (@Benioff) September 16, 2018

Marc Benioff co-founded Salesforce, now San Francisco’s largest private employer, in 1999. The company isn’t involved in the purchase. The Benioffs said they won’t be involved in the weekly’s editorial decisions.

“We are honored to be the caretakers of one of the world’s most important media companies and iconic brands,” the Benioffs said in a statement. “Time has always been a trusted reflection of the state of the world, and reminds us that business is one of the greatest platforms for change.”

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The Benioffs have been active in philanthropy on numerous social issues, including homelessness, environmentalism and education. They previously donated more than $200 million to UCSF Benioff Children’s Hospitals in San Francisco and Oakland.

Marc Benioff is chairman of the World Economic Forum’s Centre for the Fourth Industrial Revolution, which focuses on the future of technology and the workforce.

Lynne Benioff is a board member of the Presidio Trust, which oversees the San Francisco public park of the same name, and UC Santa Barbara’s Benioff Ocean Initiative, which studies environmental risks in the seas. The Benioffs donated more than $10 million to establish the initiative in 2016.

“The Benioffs have a profound commitment to community and to finding solutions to some of society’s most complex problems, whether it’s building children’s hospitals or tackling homelessness,” Edward Felsenthal, the editor of Time, wrote in a note to staff. He wrote that the magazine’s business was “strong and profitable,” with 2 million subscribers.

“One of the first challenges Marc and Lynne gave us is to think big, really big. Beyond the five-year plan, what will Time look like in 2040? What will it mean to people decades from now?” Felsenthal wrote.

The Benioffs are the latest tech moguls to invest in media. Amazon co-founder Jeff Bezos bought the Washington Post in 2013. Laurene Powell Jobs, widow of Apple co-founder Steve Jobs, bought a majority stake in the Atlantic magazine last year. Chris Hughes, an early Facebook executive, bought the New Republic in 2012 and sold it four years later.

The acquisitions are signs of the tumultuous state of the magazine industry, which has seen plunging advertising revenue and huge job cuts — and the financial power of tech, which has created trillions of dollars in wealth over the past two decades. Marc Benioff has an estimated net worth of $6.7 billion, according to Forbes.

“It’s the only business model that makes sense — a billionaire swoops in and keeps it alive,” Josh Quittner, a former Time editor, said of the recent tech-funded media acquisitions.

Like most print magazines, Time has seen its influence drop with the rise of television and later the internet, Quittner said. He’s now optimistic about its future.

“I think this is really good news. I’m happy to see that someone I respect bought the magazine,” said Quittner, who has interviewed Marc Benioff. “He sees his legacy and place in the world as someone who does social good.”

Meredith Corp. announced it was buying Time Inc. in November and completed the deal in January. In addition to Time magazine, it is selling some of Time Inc.’s other most prominent titles: Fortune, Money and Sports Illustrated.

“We’re pleased to have found such passionate buyers in Marc and Lynne Benioff for the Time brand,” Tom Harty, president of Meredith, said in a statement. “We know Time will continue to succeed and is in good hands with the Benioffs. We thank the Time team for its ongoing hard work and passionate commitment.”

Meredith said it will continue providing consumer marketing, subscription, advertising and printing services for Time under a multiyear agreement.

Meredith said it plans to use the proceeds to pay down debt.

Roland Li is a Chronicle staff writer. Email: roland.li@sfchronicle.com Twitter: @rolandlisf