Jobs’ widow takes majority stake in ‘The Atlantic’
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.
A charity of Laurene Powell Jobs is buying into The Atlantic.