Month: July 2017

Emerson Collective Acquires The Atlantic

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Emerson Collective, the charitable organization founded by Laurene Powell Jobs, has announced a majority acquisition of The Atlantic. David G. Bradley, the current chairman and owner has said he’ll remain at the company for at least 3-5 years. Bradley will own a minority stake, which will most likely be assumed  by Emerson Collective when he retires.

“Against the odds, The Atlantic is prospering,” Bradley wrote in his memo. “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.”

The magazine, founded 4 years before the civil war, was picked up in 1999 by Bradley for only $10 million. Since then, the politics and arts rag has transformed into a powerful digital media company, now owning millennial-focused publications such as Quartz. However, Quartz and Atlantic Media’s other brands will remain solely owned by Bradley.

After realizing his sons weren’t interested in owning The Atlantic, Bradley compiled a list of over 600 potential suitors, but only ever reached out to Jobs. Laurene, the wife of the late apple founder Steve Jobs, founded the Emerson Collective to promote immigration and education reform. The organization aims 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.”

Because of this change in ownership and the challenges being faced by print media, Bradley finished his internal memo saying “What I loved about Laurene from the first is that her confidence was forged on a different coast. And, if anything, her ambition is greater than my own. Let’s make it our work to prove the wisdom of our era wrong. And when my time comes to leave, that would be a happy note on which to say ‘good-bye.’”

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About Tencent – A Gaming Giant You May Not Know About

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Tencent is the world’s largest gaming company. But have you actually heard of them before now? Tencent is huge in China, but most of their fame in the west comes from owning various game studios built here, who often bring translated versions of Tencent’s games to the west under their own banner.

Tencent is described by Wikipedia as “a Chinese investment holding company whose subsidiaries provide media, entertainment, payment systems, internet and mobile phone value-added services and operate online advertising services.” So how did this company, established in 1998 and worth over $330 billion, become the largest gaming company in the world?

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Let’s go back to the year of 2009. This year brought a lot of changes for those in the west. This was the first year of Obama’s presidency, the middle of a really bad financial downturn the world over, and the beginning of a little game known as League of Legends. Riot Games was founded in 2006 and launched League of Legends, the beginning of the popular MOBA genre (originated by the Warcraft 3 mod Defense of the Ancients), in 2009. The game quickly become one of the most played games in the world, making roughly $1 billion a year through in-game purchases. This figure caught the eye of Tencent, who invested $231 million for a nearly 70% stake in Riot in 2011. By the end of 2015, Riot was wholly owned by Tencent.

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