An organization led by the widow of Apple co-founder Steve Jobs announced. It was taking a majority stake in The Atlantic, a prestigious 160-year-old cultural magazine.
The Emerson Collective, founded and run by Laurene Powell Jobs agreed to a deal that includes the flagship magazine, digital properties, the events business, and consulting services.
Atlantic Media chairman David Bradley will continue to hold a minority stake. To retain other properties in the group which include the online news site Quartz and National Journal Group.
Published writings of Mark Twain and Martin Luther king Jr
Bradley will also continue to run The Atlantic for at least the next three to five years. After which Emerson may acquire his stake under the deal, a statement said.
The Atlantic co-founded 160 years ago by group of abolitionists including Ralph Waldo Emerson. It is primary inspiration for our own work at Emerson Collective.
Founded in Boston as the Atlantic Monthly. The magazine has been known as a literary and cultural publication. It published writings of Mark Twain as well as Martin Luther King Jr’s 1963 defense of civil disobedience in “Letter from Birmingham Jail.”
Bradley acquired the magazine in 1999 from magnate Mortimer Zuckerman. Later moved its headquarters to Washington.
In addition, the Emerson Collective created by Powell Jobs, 53, works on education, immigration reform. The environment and other social justice initiatives and has investments in film. Also television production companies as well as nonprofit journalism organizations.
However, she and her family have an estimated net worth of some $20 billion. According to Forbes magazine, largely from shares in Apple following the 2011 death of Steve Jobs.