Emerson Collective, a U.S. nonprofit led by philanthropist and investor Laurene Powell Jobs, will buy a majority stake in The Atlantic, the U.S. publisher said.
Jobs, 53, widow of Apple Inc (AAPL.O) co-founder Steve Jobs, will share ownership of the magazine with the chairman and owner of Atlantic Media, David Bradley.
“Against the odds, The Atlantic is prospering,” Bradley, 64, wrote in a memo to Atlantic employees on Friday.
“While I will stay at the helm some years, the most consequential decision of my career now is behind me…the answer, in the form of Laurene, feels incomparably right,” Bradley said.
Bradley, who began to consider future owners for The Atlantic more than a year ago, and researched more than 600 possible investors, Atlantic Media said in a statement.
Bradley will own a minority stake in Atlantic Media and will continue to run the U.S. magazine for at least three to five years, the company said in the statement.
Source: Reuters.com