Steve Jobs’ widow, Laurene Powell Jobs, is buying a majority stake in The Atlantic with the possibility for full ownership in the future.
David G. Bradley, the chairman and owner of Atlantic Media, announced on Friday morning that Emerson Collective, an organization run by the Apple co-founder’s wife, who is a philanthropist and investor, will purchase a majority stake in The Atlantic. Bradley will keep a minority stake in the 160-year-old publication and will stay on as chairman and operating partner for a minimum of three to five years. After that, Powell Jobs will most likely assume full ownership.
The deal between Powell Jobs and Bradley will encompass the magazine and digital properties, and the events business and consulting services. Bradley will retain ownership of Atlantic Media, including National Journal and the digital publication, Quartz.
Bradley bought the Boston-based monthly magazine in 1999 for $10 million from Mortimer Zuckerman and is credited with transforming The Atlantic into a profitable enterprise.
“Against the odds, The Atlantic is prospering,” Bradley wrote in a memo published in The Atlantic. “While I will stay at the helm some years, the most consequential decision of my career now is behind me: Who next will take stewardship of this 160-year-old national treasure? To me, the answer, in the form of Laurene, feels incomparably right.”
Bradley and his wife, Katherine, have been searching for a new owner since they realized that their sons were not interested in pursuing the family business.
“Emerson Collective is excited to work with David, with his first-rate leadership team, and with his enormously talented staff, to ensure that The Atlantic continues to fulfill its critical mission at this critical time,” said Powell Jobs in a press release.
Powell Jobs, 53, founded the Emerson Collective in 2004. The organization supports non-profits and invests in entrepreneurial ventures regarding immigration and education reform. Emerson Collective owns stakes in Axios and the live journalism event series, Pop-Up Magazine.
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