Chairman and current owner of Atlantic Media David G. Bradley announced this morning that he will be selling the majority of the magazine to Emerson Collective — the social justice organization led by Jobs.
Bradley, who will keep a small portion of the company, told The Atlantic that Jobs stood out on his list of over 600 potential investors, and was the only person the company made an offer to. The price of the sale is unknown at this time.
The shift to digital media has taken a toll on the magazine, according to the Washington post, and over the past decade the company has lost more than $100 million. But Bradley says, “against the odds, The Atlantic is still prospering.”
“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? To me, the answer, in the form of Laurene, feels incomparably right,” Bradley told The Atlantic.
Jobs’ foray into the journalism industry follows a recent trend among tech leaders. In 2012, Facebook co-founder Chris Hughes bought a portion of the New Republic, and Amazon CEO and co-founder Jeff Bezos back in 2013.