Benioff has said that Time is a company that has a "tremendous impact on the world", and is also an "incredibly strong business".
By snatching up Time, Marc Benioff joins another big boss of the tech industry, Amazon's Jeff Bezos, who owns the prestigious Washington Post newspaper.
"The Benioffs will hold Time as a family investment", Time editor in chief Edward Felsenthal told staffers on Sunday night. "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". The Benioffs said they won't be involved in day-to-day operations or journalistic decisions.
The sale of Time is expected to close, however, negotiations will continue for the proposed sale of Fortune, Money and Sports Illustrated.
The transaction is subject to customary closing conditions and regulatory approval and is expected to close within 30 days.
A Meredith spokeswoman said deals for the other three titles are expected to be announced in the "near future". They also plan to keep Time's current leadership team in charge. And now the executive's profile is bound to grow. "We can't imagine better stewards for TIME than Marc and Lynne Benioff".
Time, like other magazines, has struggled with continued declines in print advertising and newsstand sales. Time claims a combined audience of more than 100 million readers in print and online, including over 50 million digital visitors.
Mr Benioff - who is chairman, co-chief executive and co-founder of the cloud computing firm Salesforce.com - said that he and his wife have deep respect for the organisation and its iconic brand. "We know Time will continue to succeed and is in good hands with the Benioffs".
Timeline of storm shows North Carolina set for DIRECT HIT
It is unclear exactly how many people fled, but more than 1.7 million people in the Carolinas and Virginia were urged to evacuate. Hurricane-force winds, which stretch up to 80 miles from the storm's center, will be felt in North and SC by Thursday night.
Florence, now a tropical storm, leaves at least four dead
He said parts of North Carolina had seen storm surges - the bulge of seawater pushed ashore by the hurricane - as high as 10 feet. Meanwhile, Super Typhoon Mangkhut has begun pummelling northern areas of the Philippines carrying wind gusts reaching 270kph.