Staff and former editors of Time Magazine are celebrating the news that Marc Benioff, the Salesforce CEO worth $6.6 billion, and his wife Lynne Benioff are acquiring the iconic magazine from Meredith Corporation.
Richard Stengel, who ran the newsweekly between 2006 and 2013, told NBCNews.com that was happy to hear about the acquisition.
"It sort of like a dream come true in the sense of here's a tech billionaire who believes in the brand and in impartial news coverage and growing Time both domestically and internationally and doesn't want to play an editorial role," Stengel said. "It's the best of all possible worlds."
Nancy Gibbs, who was the first woman editor of the magazine from 2013 to 2017, said: "I'm over the moon, because obviously we've been living with uncertainty for a long time and hoping for the best outcome.
"What struck me, is this is not some bloodless business transaction," Gibbs said. "You can feel the passion and the purpose that he and Lynne bring to this."
Gibbs said she met Benioff, who is spending $190 million on the magazine, at a dinner in Davos, Switzerland, when she was running the Time Inc. news group.
Gibbs, who is now the Edward R. Murrow Chair of Press, Politics and Public Policy at the Harvard Kennedy School, added: "When it comes to imagining a new future, I can't imagine a better steward. I'm thrilled for my colleagues and readers and everyone who spent so much of our careers there and rooting for the best possible outcome."
Time magazine's editorial staff were also celebrating the change in ownership on Twitter. Chris Wilson, the director of data journalism, tweeted: "I'm delighted that it will be in wise and benevolent hands with the Benioff family."
Columnist Susanna Schrobsdorff tweeted: "There's no better owner for Time and no better time to own Time."
Recode noted the magazine sent the famed bar cart around the office to celebrate.
Benioff said in a text message exchange with a New York Times reporter — conducted while he was receiving a massage — that Time is still in a strong financial situation. "It's a very strong business," he reportedly texted. "Very profitable."
The WSJ reported on Monday that Time is projected to see a 9 percent decline in revenue in 2018 from $173 million in 2017.
Jennifer Grygiel, assistant professor of communications and magazine at Newhouse School, wondered about the all-round rejoicing given tech's role in wrecking the traditional economics of publishing.
"I am not one of those people who are celebrating the sale of legacy publishing to a tech insider," Grygiel said.
While she says Benioff is well liked because of his stance on human rights and same sex marriage, legacy publishing has been decimated by tech disruption.
While Amazon CEO Jeff Bezos and philanthropist Laurene Powell Jobs have shown what investment and expertise can do for publications such as The Washington Post and The Atlantic, other wealthy individuals have found publishing a tough road and have given up their investments.
Facebook co-founder Chris Hughes sold The New Republic after a rocky period of ownership, and billionaire Joe Ricketts folded DNAInfo after he couldn't find a way to make it profitable. Peter Barbey, a wealthy investor, said he would sell The Village Voice just three years after buying it.
Still, Grygiel said there may be more Silicon Valley luminaries headed for the publishing world. Alibaba's Jack Ma acquired the South China Morning Post, while Pierre Omidyar, the eBay founder, created The Intercept.
Meredith is looking to sell other major magazine titles including Fortune, Money and Sports Illustrated.