Billionaire Laurene Powell Jobs cuts investment in journalism

Billionaire Laurene Powell Jobs cuts investment in journalism
The Emerson Collective, a charity by Powell Jobs, has broken a relationship with Pop-Up Magazines Productions, which owns Pop-Up Magazine and California Sunday Magazine. The union of media companies A series of tweets Wednesday, California Sunday will “stop publishing online,” adding that 11 employees “were told they would be fired.”
These advances have been met by backlash from journalists and journalists wondering why Powell Jobs is. Forbes estimated it was worth $16.4 billion in April.Is withdrawing investments in journalism amid the global health crisis.

Powell Jobs founded Emerson Collective in 2004 to invest in non-profit organizations and make other efforts such as voting rights and education. At The Information’s conference in September, editor-in-chief Jessica Lessin asked Powell Jobs why she invested in a media company, which she replied that she wasn’t making money.

“As you know, it’s really hard to find a vibrant business model for commercial media. So our involvement in the media isn’t monetizing. It’s an honor to have me and my team with the best journalists.” Powell Jobs Said.

Media companies’ revenue streams are Leading up Vacation, salary cuts and job losses for tens of thousands of journalists. In particular, the inability to host face-to-face events has hurt financially dependent The Atlantic and Pop-Up Magazine. The story of Pop-Up Magazine is told in front of a live audience along with music and other multimedia components. When an epidemic hits, the organizers They will not travel A country that performs live in spring.
Emerson Collective Obtain In Pop-Up Magazine Productions in November 2018, Powell Jobs praised the team for “a unique journalism platform that helps increase empathy and understanding of the world.”
In 2017, Emerson Collective quietly invested at least $10 million in Pop-Up Magazine Productions. According to the New York Times. Same year Emerson Collective Announcement To the amazing fanfare that it occupies the majority of the Atlantic Ocean. The Atlantic after firing 68 employees in May A few months later it announced that it had added 325,000 new subscribers. It’s been a year since I introduced Paywall.

Here’s a Wednesday statement from Emerson Collective and Pop-Up Magazine Productions shared with CNN Business: “Emerson Collective and Pop-Up Magazine Productions are proud of our five-year partnership. As Pop-Up Magazine Productions enters, we look forward to enabling future collaborations. This new step as an independent company.”

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The Emerson Collective said in a separate statement with CNN Business that the two had agreed to go different paths in August. The agreement included what Emerson calls “substantial contributions” from them “to allow popups to operate independently and do so without the supervision or control of the Emerson Collective.”

Emerson Collective I gave up my media investment this week. Wall street journal Declaration Tuesday when Japan’s Uzabase goes on sale two years after purchasing quartz.
Powell Jobs is one of a group of wealthy billionaires who have bought legacy publications in recent years. Biotech billionaire Dr. Patrick Soon-Shiong Take control of the Los Angeles Times. 2018. Salesforce CEO Marc Benioff Time of purchase.
Similar to Powell Jobs, Benioff hinted that he wasn’t in it for money. Benioff last year said CNN’s Brian Stelter wanted the magazine to “unlock” from financial constraints. March, Benny Off Appointment There were no layoffs for 90 days as other news agencies faced dramatic cuts.
On the other hand, Amazon CEO Jeff Bezos Obtain In 2013, the Washington Post did not reject the cut. Last September, The Post End Commuter documents, Express.

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