Jobs’ widow takes ma­jor­ity stake in ‘The At­lantic’

USA TODAY Weekend Extra - - AMERICA’S MARKETS - Mike Snider @mikesnider USA TO­DAY

Lau­rene Pow­ell Jobs, phi­lan­thropist and widow of Ap­ple co­founder Steve Jobs, has bought a ma­jor­ity stake in The At­lantic.

The Emer­son Col­lec­tive, a char­ity founded by Pow­ell Jobs, will make the ac­qui­si­tion, At­lantic Me­dia Chair­man David Bradley an­nounced Fri­day.

Bradley and At­lantic Me­dia will main­tain a mi­nor­ity stake and con­tinue to run the monthly mag­a­zine, its dig­i­tal prop­er­ties, live events and con­sult­ing busi­nesses for the next three to five years.

The At­lantic‘s day-to-day op­er­a­tions will con­tinue to be run by Pres­i­dent Bob Cohn, Pub­lisher Hayley Romer and Ed­i­tor-inChief Jef­frey Gold­berg, the com­pany said.

Bradley be­gan look­ing for a fu­ture owner for The At­lantic more than a year ago and, af­ter re­search­ing more than 600 pos­si­ble in­vestors, ap­proached only Pow­ell Jobs and The Emer­son Col­lec­tive, he says.

Pow­ell Jobs, 53, called it a priv­i­lege to be­come the stew­ard of The At­lantic, which like her own char­ity was in­spired by Ralph Waldo Emer­son, who co-founded The At­lantic Monthly in 1857.

Terms of the deal were not dis­closed.

Since ac­quir­ing The At­lantic 18 years ago, Bradley has grown its busi­ness from losses of more than $10 mil­lion an­nu­ally dur­ing his early years of own­er­ship to an­nual prof­its of more than $10 mil­lion, the com­pany says.

To­day, 80% of the com­pany’s rev­enue comes from dig­i­tal ad­ver­tis­ing, live events and con­sult­ing ser­vices. A decade ago, print ad­ver­tis­ing and cir­cu­la­tion pro­vided 85% of rev­enues, the com­pany says. Mean­while, The At­lantic’s sig­i­tal au­di­ence has grown to 33 mil­lion unique monthly vis­i­tors for the first half of 2017.

“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,” said Bradley, 64, in a let­ter to The At­lantic staff Fri­day.

BLOOMBERG VIA GETTY IM­AGES

A char­ity of Lau­rene Pow­ell Jobs is buy­ing into The At­lantic.

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