Atlantic Media selling ownership stake to organization run by Laurene Powell Jobs

Emerson Collective, founded by Laurene Powell Jobs, wife of late Apple founder Steve Jobs, is acquiring a majority ownership stake in Atlantic Media. According to a news release on Friday Atlantic Media Chairman David Bradley told staff of the deal, which includes its flagship magazine, digital properties, live events business and consulting services. Bradley, through Atlantic Media, will hold a minority stake and continue to run The Atlantic for the next three to five years. In a letter to The Atlantic staff Bradley said, “Against the odds, The Atlantic is prospering. 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.” The terms of the deal were not disclosed. In the 18 years since Bradley acquired the magazine from Mortimer Zuckerman, digital readership has grown to a monthly average of 33 million unique visitors from 2 million in 2009, and it generates profits above $10 million per year after recording losses of more than $10 million a year in Bradley’s early days. About 20% of the magazine’s revenue comes from print advertising with 80% coming in digital advertising.

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