Philip Balboni, the president and chief executive of GlobalPost for whom Foley was freelancing, told the The Wall Street Journal that the sum was demanded from both the journalist's family and the GlobalPost.
Balboni declined to discuss their reply to the demand, saying all communication was shared with appropriate government authorities, the report said.
The captors of Foley originally demanded a ransom of USD 132.5 million, Balboni said.
A militant who appears in the video links the killing to the US intervention in Iraq against ISIS, which refers to itself as the Islamic State.
More From This Section
He says the fate of another American journalist shown in the footage, believed to be Steven Sotloff, depends on what US President Barack Obama does next.
But the threat has done little to curb US military operations in Iraq, with American warplanes continuing airstrikes against ISIS targets.
US officials have also revealed that they had tried to rescue Foley and other captives in a special military operation in Syria earlier this summer. But the special forces failed to find the hostages.
Foley, a freelance journalist, was on assignment when he disappeared on November 22, 2012, in northwest Syria, near the border with Turkey.
"The captors never messaged a lot. There was a very limited number with a very specific purpose...They made demands," Balboni was quoted as saying by CNN. Some messages were political and some were financial.
"The message was vitriolic and filled with rage against the United States. It was deadly serious," Balboni said.
"Obviously, we hoped and prayed that would not be the case...Sadly, they showed no mercy.