Laurene Powell Jobs, the widow of Apple founder Steve Jobs, will acquire majority ownership of The Atlantic magazine, digital properties, live events business and consulting services through her organization Emerson Collective.
Bradley, the chairman and owner of Atlantic Media, announcing this morning that he is selling a majority stake in The Atlantic to Emerson Collective, an organization led by philanthropist and investor Laurene Powell Jobs. In a memo to staffers he says that "likely, but not certainly, Emerson Collective will purchase my remaining interest three to five years from now". He also said he had been thinking of "who next will take stewardship of this 160-year-old national treasure?"
Bradley, 64, will continue to own Atlantic Media's other brands, including the National Journal, Government Executive, and the digital business-focused publication Quartz.
"What I loved about Laurene from the first is that her confidence was forged on a different coast", Bradley said in the memo. Emerson Collective managing director of media Peter Lattman, who decamped from The past year, will add the role of vice chairman of The Atlantic.
Meanwhile the Atlantic leadership - president, Bob Cohn; publisher, Hayley Romer; and editor-in-chief, Jeffrey Goldberg - will continue to run day-to-day operations of the company. Based in Palo Alto, California, it invests in nonprofit and entrepreneurial efforts to encourage reform in immigration, education, the environment and other social-justice initiatives.
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Emerson's Managing Director of Media Peter Lattman will become vice chairman of The Atlantic, in addition to his current work.
Jobs, 53, calls The Atlantic "one of the country's most important and enduring journalistic institutions" reaching back 160 years when the magazine was founded by abolitionists including Ralph Waldo Emerson, Henry Wadsworth Longfellow, Oliver Wendell Holmes, and Harriet Beecher Stowe.
It's not the first time Jobs, who's estimated worth exceeds $20bn, has made a media investment. And, if anything, her ambition is greater than my own.
Advanced publicizing now represents 80 percent of income and the organization through and through pulls in a month to month group of onlookers of 33 million and makes benefit of "well above $10 million every year", as indicated by the announcement. Prior to his launch into the media biz, Bradley founded and owned two research companies, the Advisory Board Co. and the Corporate Executive Board Co.
What's more, a decade ago, 85% of the company's revenues came from print advertising and print circulation.
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