, the philanthropic organization founded by Laurene Powell Jobs, wife of the late Steve Jobs, has agreed to acquire a majority stake in , the magazine reports.
The deal includes the Atlantic’s digital properties, events business, and consulting services. David G. Bradley, the chair of Atlantic Media, will retain a minority stake in the company and will continue to be the sole owner of the rest of Atlantic Media’s properties, including the National Journal Group and the digital media organization Quartz, while Peter Lattman, managing director of media at Emerson, will become vice chair.
Bradley, who bought The Atlantic in 1999, indicated in a note to employees that he will continue to run it for the next three to five years, after which Emerson Collective may buy out his remaining stake. Otherwise, leadership of the publication, which was co-founded by Ralph Waldo Emerson in 1857, will remain in place. Emerson Collective has significant investments in media, from movie-production companies to start-ups like The California Sunday Magazine. The organization also has provided support to several nonprofit journalism outlets, including the Marshall Project, Mother Jones, and ProPublica.
“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?” Bradley wrote in his note. “To me, the answer, in the form of Laurene, feels incomparably right.”