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Laurene Powell Jobs, through her company Emerson Collective, will take majority ownership of The Atlantic, the company announced Friday.
The majority ownership gives Emerson Collective access to the magazine’s digital properties, live events business, and consulting services, according to the press release.
The deal doesn’t, however, extend to subsidiary properties of Atlantic Media, “like National Journal, Quartz and Government Executive,” according to Axios.
Powell Jobs, the widow of Apple cofounder Steve Jobs, spearheaded the deal. She discussed her enthusiasm for the project in a statement:
“What a privilege it is to partner with David Bradley and become a steward of The Atlantic, one of the country’s most important and enduring journalistic institutions. The Atlantic was co-founded 160 years ago by a group of abolitionists including Ralph Waldo Emerson, who is a primary inspiration for our own work at Emerson Collective. Emerson and his partners, including Henry Wadsworth Longfellow, Oliver Wendell Holmes, and Harriet Beecher Stowe, created a magazine whose mission was to bring about equality for all people; to illuminate and defend the American idea; to celebrate American culture and literature; and to cover our marvelous, and sometimes messy, democratic experiment.”
Powell Jobs has investments in other media companies like Ozy, Axios, and The California Sunday Magazine.
Atlantic Media Chairman David G. Bradley will continue to run the operation, along with his leadership team. The Atlantic’s president (Bob Cohn) and editor-in-chief (Jeffrey Goldberg) will continue on in their current roles.
Peter Lattman, managing director of media at Emerson Collective, will join The Atlantic as Vice Chairman while continuing in his position at Emerson.