“Emerson Collective, the organization founded by Laurene Powell Jobs, has agreed to acquire a majority stake in The Atlantic magazine, with full ownership possible in the coming years,” Sydney Ember reports for The New York Times.
“David G. Bradley, chairman of Atlantic Media, will retain a minority stake and intends to continue running the magazine for the next three to five years. After that, Emerson Collective may purchase Mr. Bradley’s remaining interest,” Ember reports. “‘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?’ Mr. Bradley, 64, wrote in a note to employees. ‘To me, the answer, in the form of Laurene, feels incomparably right.”'”
“Mr. Bradley will continue to fully own the rest of Atlantic Media’s properties, which include the National Journal Group and the digital media organization Quartz,” Ember reports. “Financial terms of the transaction were not disclosed.”
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MacDailyNews Note: “In a statement, Powell Jobs noted that Ralph Waldo Emerson, a co-founder of The Atlantic, inspired the name and the mission of her organization,” Gillian B. White reports for The Atlantic. “She praised The Atlantic for the breadth and scope of its purpose: to ‘bring about equality for all people; to illuminate and defend the American idea; to celebrate American culture and literature; and to cover our marvelous, and sometimes messy, democratic experiment.'”
“Powell Jobs (53), the widow of Apple founder Steve Jobs, founded Emerson Collective in 2004. The organization, based in Palo Alto, California, invests in both nonprofit and entrepreneurial efforts to bring about immigration and education reform, and is focused on a host of other issues as well,” White reports. “Emerson Collective also has significant investments in media, from movie-production companies such as Anonymous Content to start-ups such as The California Sunday Magazine. The organization has also provided support to several nonprofit journalism outlets, including the Marshall Project and ProPublica.”
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