Meredith fended off a $325 million offer for Time from David J. Pecker, the media executive who has become a key witness in a federal investigation into President Trump. During the presidential campaign, Mr. Pecker, who publishes The National Enquirer, suppressed the story of a former Playboy model who claimed to have had an affair with Mr. Trump, according to federal prosecutors.

Until a few weeks ago, Mr. Benioff was nearing an agreement to acquire Fortune and Money, according to four people familiar with the sales process who spoke on the condition of anonymity to discuss private talks. He switched his preference to Time when he decided its business was stronger, one of the people said.

Reed Phillips, a longtime investment banker specializing in media transactions, said the purchase price was surprisingly high.

“For a business in decline, that’s a big number,” he said. “It seems that when billionaires buy media assets, it’s almost like they’re making a nonprofit donation. They’re not doing this as a moneymaker. This is more of a cause.”

Meredith had been asking as much as $200 million for Fortune as recently as May, two of the people said. Fortune benefits from a lucrative conference business, but a big share of those profits comes from an event it produces in China for which a municipality pays most of the cost, the people said.