David G. Bradley, the chairman and owner of Atlantic Media, announcing this morning that he is selling a majority stake in The Atlantic to Emerson Collective, an organization led by philanthropist and investor Laurene Powell Jobs. Bradley will retain a minority stake in The Atlantic and will continue as chairman and operating partner for at least three to five years.
Bradley told staff in a letter that Emerson Collective will likely assume full ownership within five years.
Powell Jobs founded Emerson Collective in 2004 to invest in nonprofit and entrepreneurial efforts that bring about immigration and education reform. The collective has significant investments in media, including movie-production companies and startups. She notes that Ralph Waldo Emerson, a co-founder of The Atlantic inspired the name and mission of her organization.
Powell Jobs applauded the The Atlantic for its purpose 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."
The acquisition deal does not cover the Atlantic Media's other brands - Quartz, Government Executive, and National Journal. However, they could eventually be divested separately.