Technology billionaire Marc Benioff and his wife Lynne have agreed to purchase Time magazine, despite its falling fortunes.

The deal, which is expected to close this month, is the second time that the publication has been sold in a year.

Meredith Corporation revealed that the Benioffs had agreed to acquire the US magazine for $190m (£145m), pending regulatory approval.

Mr Benioff is the co-chief executive and co-founder of US cloud computing business Salesforce, which is primarily known for its customer relationship management software. Mr Benioff has a net worth of around $6.7bn, according to Forbes magazine.

Time first went on sale in March 1923 after being started by Yale University graduates Henry Luce and Briton Hadden.

However, in recent years, it has struggled with declines in print advertising and sales.

In November, Meredith Corporation announced that it would acquire Time magazine and its parent company, Time Inc, in a deal valued at almost $3bn.

That deal was financed in part with $650m from the private equity company controlled by Charles and David Koch.

“Mr and Mrs Benioff will not be involved in the day-to-day operations or journalistic decisions,” a statement by Meredith Corporation read.

The purchase of Time magazine is separate from Mr Benioff’s role at Salesforce, Meredith Corporation said on Sunday.