Published by yourcollegebars on July 29, 2017

David Bradley is selling the Atlantic magazine to Laurene Powell Jobs’s nonprofit

David Bradley is selling the Atlantic magazine to Laurene Powell Jobs’s nonprofit

Emerson Collective, a little-known but large group of money, funded by Apple’s fortune Laurene Powell, has taken the first step in Friday’s national prospect scout agreeing to acquire a majority stake in Washington-based The Atlantic.

The deal comes after Middle Atlantic owner David Bradley has spent a year looking for a buyer for the impressive newspaper and online found at the center of his new empire. Bradley, in memory of the staff announcing the agreement, said he cut the candidates, “First, Laurene Powell sat on the list.”

Now Powell Jobs has joined the list of people who use fortune baked in technology to change the media landscape.

These companies include the investment of the founder of eBay, Pierre Omidyar in the intervention; Mercer Family Financial support for Breitbart; The malicious acquisition of the new republic Chris Fuckers, co-founder of Facebook; And the purchase of The Washington Post by Amazon founder Jeffrey P. Bezos.
The Atlantic deal is not the first Emerson collective media company, but it is the highest profile. The organization takes control of a 160-year publication respected for its writings on ideas and politics. Emerson also has small stakes in online news sites Axios and ProPublica.

[The story behind the “biggest business failure” David Bradley]

Emerson collective, who declined to comment beyond the publication of a press release, also tends to avoid publicity. Most of your donations are subject to remain anonymous. Powell Jobs, 53, with an estimated net worth of more than $ 11 billion, is the widow of Apple co-founder Steve Jobs.

Once again, Emerson Collective launches an increasingly popular road in Silicon Valley by spending its money for a limited liability company – or LLC – instead of a foundation or philanthropy.

This structure allows for for-profit investments and traditional charitable activities. This also comes without a lot of restrictions on global non-profit political issues or issues. Other groups organized in this way include the Chan Zuckerberg initiative, created by Facebook co-founder and CEO Mark Zuckerberg and his wife Priscilla Chan.

“These are hybrids in many ways,” said Amir Pasic, Dean of the Lilly School Philanthropy Family at Indiana University.

The provision gives billionaires who use greater control over how their money is used as they pursue public goals. They can be implemented in start-up funds that they seek to take advantage of, for example.

However, less is known about how these companies spend their money, since less public information is required. This could lead to requests for greater transparency, Pasic said.

“The more they play in the field of public policy, the more people could talk about the important role of billionaires in public policy,” he said.

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