Laurene Powell Jobs' fund Emerson Collective, which has been funded through her Apple fortune has entered the world of publishing with the acquisition of a controlling stake in The Atlantic, according to reports in several sections of the media on Friday. The Atlantic is an iconic journal, first published in 1857, that has become one of the most well-known publications in the country.
Big tech and media
Over the years, plenty of people who have made their billions in the tech business have invested in media organizations and Emerson Collective's acquisition of a controlling stake in The Atlantic is a continuation of that recent tradition.
Steve Jobs' widow's personal wealth is largely derived from her Apple fortune and this is the Emerson Collective's first foray into the media industry. David Bradley, who is the owner of The Atlantic Media group, had been looking for buyers for the group's flagship journal for around a year. He had decided on this course of action as his sons are not in any way interested in running his company.
Although Bradley only decided to sell a majority stake at this point in time, it is understood that he will sell the rest of his stake to Emerson Collective over the next 5 years. Bradley will remain the owner of other publications and media properties that are owned by Atlantic Media.
Ringing endorsement
In spite of the fact that Laurene Powell Jobs' fund was not involved in the media industry prior to this, Bradley gave her a ringing endorsement in a memo that he shared with The Atlantic staff. TechCrunch reported that he said, “What I loved about Laurene from the first is that her confidence was forged on a different coast.
And, if anything, her ambition is greater than my own. So, let’s make it our work to prove the wisdom of our era wrong.” That statement is a clear indication that Bradley feels that he has found the perfect majority owner for The Atlantic and it will be interesting to follow the 160-year-old journal's growth under Jobs' stewardship.
Emerson Collective is primarily a philanthropic organization but over the years the fund has made investments in plenty of tech start ups among other investments and it seems its foray into the media industry was perhaps only a matter of time. Some of the biggest names from the tech industry have slowly but surely taken over some of the most influential media properties over the past few years and Jobs' ownership of The Atlantic can certainly be ranked alongside Jeff Bezos' acquisition of the iconic Washington Post.
