Laurene Powell Jobs, the billionaire investor and widow of Steve Jobs, is pulling her financial support from some battered publications.
Emerson Collective LLC, a firm founded by Powell Jobs, “has decided to sever ties” with Pop-Up Magazine Productions, owner of Pop-Up Magazine and California Sunday Magazine, according to a tweet Wednesday from the union representing both outlets.
In a joint statement, Emerson and the publisher said they “look forward to possible future collaborations as Pop-Up Magazine Productions enters this new phase as an independent company.”
California Sunday Magazine will stop its online publication and 11 employees across both outlets have been told they will be laid off, the union added. The publication announced in June that it was shutting down its print edition, citing “the most difficult economic conditions of our lifetime.”
On Monday, our management informed us that @EmCollective has decided to sever ties with Pop-Up Magazine Productions.
— The Pop-Up / California Sunday Guild (@popupguild) October 7, 2020
Emerson acquired the outlets two years ago as part of a push to support quality journalism at a time when the industry is under pressure online and in print. Since then, the pandemic has only deepened the woes of many publications, with revenue from advertising and in-person events plunging. Pop-Up Magazine Productions depended on live events and sponsorships to sustain its business.
“In August, Emerson Collective and Pop-Up agreed to a mutual separation that included an additional substantial contribution from Emerson Collective to allow Pop-Up to operate independently and do so without oversight or control by Emerson Collective,” Emerson said.
Powell Jobs is one of a number of wealthy individuals who have come to the aid of struggling media companies in recent years, including Amazon.com Inc. founder Jeff Bezos, who purchased the Washington Post. But her decision to pull her support shows such a benefactor is no guarantee.
The philanthropist, who serves as the president of Emerson, has a net worth of $31.6 billion, up more than $5 billion this year, according to the Bloomberg Billionaires Index. She inherited her husband’s stakes in Walt Disney Co. and Apple Inc.