Meredith Corp to sell Time media brand to Marc and Lynne Benioff

Sept 16 (Reuters) - Meredith Corp said on Sunday it entered into a definitive agreement to sell the Time media brand to Marc and Lynne Benioff for $190 million in cash.

The U.S. media company said the Benioffs were purchasing Time personally and the transaction was unrelated to Salesforce.com Inc, where Marc Benioff is chairman, co-chief executive and founder.

Marc and Lynne Benioff will not be involved in the day-to-day operations or journalistic decisions, which will continue to be led by Time's current executive leadership team, the company said.

Related: Time Magazine's 2017 Most Influential People 

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Time Magazine's 2017 Most Influential People

Samantha Bee - Pioneer

 (Photo credit should read ANGELA WEISS/AFP/Getty Images)

 Chance The Rapper - Pioneer 

 (Photo by Kevin Mazur/WireImage)

 Constance Wu - Pioneer 

REUTERS/Danny Moloshok

 Gavin Grimm - Pioneer 

(Photo by Nikki Kahn/The Washington Post via Getty Images)

 Kirsten Green  - Pioneer 

 (Photo by Steve Jennings/Getty Images for TechCrunch)

 Bob Ferguson  - Pioneer 

 (JASON REDMOND/AFP/Getty Images)

Ivanka Trump - Pioneer

REUTERS/Jim Bourg

Demis Hassabis - Pioneer 

(JUNG YEON-JE/AFP/Getty Images)

 Barbara Lynch - Pioneer 

(Photo by John Blanding/The Boston Globe via Getty Images)

 Hamdi Ulukaya - Pioneer

REUTERS/Lucas Jackson 

Jared Kushner - Pioneer

(Photo by Samuel Corum/Anadolu Agency/Getty Images)

Celina Turchi - Pioneer

Photo Credit: Twitter

Jordan Peele - Pioneer 

REUTERS/Mike Blake 

Glenda Gray - Pioneer 

( MUJAHID SAFODIEN/AFP/Getty Images)

Yuriko Koike - Pioneer 

Photographer: Akio Kon/Bloomberg via Getty Images

Conor McGregor - Pioneer 

 Mandatory Credit: Adam Hunger-USA TODAY Sports

 Riz Ahmed - Pioneer

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Guus Velders - Pioneer

Photo Credit - Twitter/Guus Velders 

Tamika Mallory, Linda Sarsour, Bob Bland, and Carmen Perez - Pioneer

(Photo by Robin Marchant/Getty Images for New York Fashion Week: The Shows)

Natalie Batalha, Guillem Anglada-Escudé and Michaël Gillon - Pioneer

Photo Credit: Getty/Twitter/Twitter

Emma Stone - Artist

REUTERS/Mario Anzuoni

Colson Whitehead - Artist

(Photo by Schiffer-Fuchs/ullstein bild via Getty Images)

 Ed Sheeran - Artist

(Photo by Stefania D'Alessandro/Getty Images)

Alicia Keys - Artist 

 REUTERS/Eduardo Munoz

Ryan Reynolds - Artist

REUTERS/Brian Snyder

Donald Glover - Artist

REUTERS/Mike Blake

Leslie Jones - Artist

(Photo by Mike Pont/WireImage)

Ben Platt - Artist

(Photo by: Lloyd Bishop/NBC/NBCU Photo Bank via Getty Images)

Ava DuVernay - Artist

REUTERS/Danny Moloshok 

 Barry Jenkins - Artist

(Photo by Dan MacMedan/Getty Images)

Margot Robbie - Artist

REUTERS/Andrew Kelly

Sarah Paulson- Artist

REUTERS/Danny Moloshok

James Corden - Artist

(Photo by Desiree Stone/FilmMagic)

John Legend - Artist

REUTERS/Danny Moloshok

Alessandro Michele - Artist

REUTERS/Neil Hall

Kerry James Marshall - Artist

(Photo by Brett T. Roseman/For The Washington Post via Getty Images)

Demi Lovato - Artist 

 (Photo by Rich Fury/Getty Images)

Theresa May - Leader 

(DANIEL LEAL-OLIVAS/AFP/Getty Images)

Narenda Modi - Leader

(Photo credit should read IVAN SEKRETAREV/AFP/Getty Images)

Chuck Schumer - Leader

 (Photo By Bill Clark/CQ Roll Call)

Donald Trump - Leader

 REUTERS/Joshua Roberts

Elizabeth Warren  -  Leader

(Photo by Craig F. Walker/The Boston Globe via Getty Images)

Julian Assange - Leader 

 REUTERS/Peter Nicholls/Files

James Comey  - Leader

(Photo by Chip Somodevilla/Getty Images)

 Kim Jong Un - Leader

KCNA/via REUTERS 

Reince Priebus - Leader

REUTERS/Joshua Roberts

 Xi Jinping - Leader

 ( VESA MOILANEN/AFP/Getty Images)

Rodrigo Duterte - Leader

 REUTERS/Erik De Castro

Stephen Bannon - Leader

REUTERS/Joshua Roberts

Theo Epstein - Leader

Mandatory Credit: Jeff Curry-USA TODAY Sports

Tom Perez - Leader

 (Photo by Joe Raedle/Getty Images)

 Vladimir Putin - Leader

(Photo by Sefa Karacan/Anadolu Agency/Getty Images)

 Wang Qishan - Leader

(Photo by Feng Li/Getty Images)

 Recep Tayyip Erdogan - Leader

(Photo by Binnur Ege Gurun/Anadolu Agency/Getty Images)

 Sandra Day O'Connor - Leader

 (KAREN BLEIER/AFP/GettyImages)

Pope Francis - Leader

REUTERS/Stefano Rellandini

General James Mattis - Leader

REUTERS/Eric Thayer

King Maha Vajiralongkorn - Leader

REUTERS/Athit Perawongmetha

Juan Manuel Santos - Leader

REUTERS/Jaime Saldarriaga

Major General Qasem Soleimani - Leader

Photo Credit : Getty 

 Melinda Gates - Leader

REUTERS/Denis Balibouse 

Janet Yellen - Titan

REUTERS/Yuri Gripas

 LeBron James - Titan

Mandatory Credit: Troy Taormina-USA TODAY Sports

 Daniel Ek - Titan

REUTERS/Shannon Stapleton

Bernard J. Tyson - Titan

REUTERS/Mario Anzuoni

Evan Spiegel - Titan

 (Photo by Steve Jennings/Getty Images for TechCrunch)

George Church - Titan

Photo Credit Harvard University 

Jean Liu - Titan

 REUTERS/Mike Blake

 Tom Brady - Titan

 Mandatory Credit: Matthew Emmons-USA TODAY Sports

James Allison - Titan

Photo Credit: Getty 

 Rebekah Mercer - Titan

 (Photo by Oliver Contreras/For The Washington Post via Getty Images)

Jason Blum - Titan

(Photo by Jason LaVeris/FilmMagic)

Jeff Bezos - Titan

REUTERS/Joshua Roberts

Vijay Shekhar Sharma - Titan 

Photographer: Kuni Takahashi/Bloomberg via Getty Images

Margrethe Vestager - Titan

Photographer: Jasper Juinen/Bloomberg via Getty Images

Simone Biles - Icon 

REUTERS/Mike Blake 

 Ashley Graham - Icon

(Photo by Gary Gershoff/WireImage)

Cindy Sherman - Icon

(Photo by Daniel Zuchnik/WireImage)

John Lewis - Icon

REUTERS/Scott Audette

Margaret Atwood - Icon

 REUTERS/Mark Blinch

 Colin Kaepernick - Icon

Mandatory Credit: Robert Hanashiro-USA TODAY Sports

 Jeanette Vizguerra - Icon

(Photo by Helen H. Richardson/The Denver Post via Getty Images)

 Neymar - Icon 

Reuters / Giorgio Perottino Livepic

 RuPaul - Icon

REUTERS/Danny Moloshok 

Raf Simons - Icon

REUTERS/Stephane Mahe

Biram Dah Abeid - Icon

( SEYLLOU/AFP/Getty Images)

Leila de Lima - Icon 

 (TED ALJIBE/AFP/Getty Images)

David Adjaye - Icon

Photo Credit Press Association 

 Gretchen Carlson - Icon

(Photo by Slaven Vlasic/Getty Images)

Fatou Bensouda - Icon

REUTERS/Eric Vidal

 Thelma Aldana - Icon

REUTERS/Josue Decavele

 Fan BingBing - Icon 

(Photo by Carlos Alvarez/Getty Images)

 Viola Davis - Icon

REUTERS/Danny Moloshok

Raed Saleh - Icon

REUTERS/Jacky Naegelen

Cindy Arlette Contreras Bautista - Icon

Photo Credit : Twitter 

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As part of the transaction, Meredith will provide short-term business continuity services and entered into a multi-year agreement with the Benioffs to provide services such as consumer marketing, subscription fulfillment, paper purchasing and printing.

Meredith plans to use proceeds from the transaction to pay down debt and expects to reduce its debt by $1 billion during fiscal 2019.

Meredith acquired Time in a deal valued at $2.8 billion as part of its purchase of Time Inc in January, shortly after which announced it was selling Time Inc's news and sports brands. (Reporting by Rishika Chatterjee in Bengaluru; Editing by Peter Cooney)

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