The acquisition includes The Atlantic's flagship magazine, digital properties, live events business and consulting services.
The Atlantic's executive team of president Bob Cohn, publisher Hayley Romer and editor-in-chief Jeffrey Goldberg will continue to run the company's operations. Eventually, Powell Jobs could take full control of the magazine and decide to spin off those properties altogether.
Powell Jobs offered:"What a privilege it is to partner with David Bradley and become a steward of The Atlantic, one of the country's most important and enduring journalistic institutions".
Bradley said that he and his wife, Katherine, had realized that their three sons were not interested in taking over the publication and thus began their search for other potential owners.
Laurene Powell Jobs is the founder of the Emerson Collective, which just took a majority stake in The Atlantic magazine. "To me, the answer, in the form of Laurene, feels incomparably right", Bradley told The Atlantic.
Peter Lattman, a former media editor at the New York Times and now managing director at Palo Alto-based Emerson Collective, will be adding the title of vice chairman of Atlantic and will operate out of its New York offices where the publication has sales and video production.
She wrote that the magazine was co-founded 160 years ago by a group of abolitionists "whose mission was 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".
Employments, who's assessed worth surpasses $20 billion, has made media interests before, incorporating a minority stake in Hollywood studio Anonymous Content and additionally supporting non-benefit news-casting associations like the Marshall Project and ProPublica. Prior to his launch into the media biz, Bradley founded and owned two research companies, the Advisory Board Co. and the Corporate Executive Board Co.
The Atlantic has over the past decade been trying to reform itself for the digital age.
Digital advertising now accounts for 80 percent of revenue and the company altogether attracts a monthly audience of 33 million and makes profit of "well above $10 million per year", according to the statement.