Billionaire philanthropist and entrepreneur Laurene Powell Jobs has submitted an offer to buy a significant stake in Monumental Sports & Entertainment.
It’s one of the largest sports and entertainment companies in the U.S.
The deal will see Laurene Powell Jobs, who is president of philanthropic and business foundation Emerson Collective, control 20%—the second-largest stake—in Monumental.
Monumental is a $2.5 billion company that owns the NBA’s Wizards, NHL’s Capitals, and WNBA’s Mystics, as well as Capital One Arena in Washington D.C.
Right now, the deal is just an agreement that must be approved by both the NBA and NHL. That could occur this week.
The deal has now gone through. Read more on the Washington Post…
At 53, she is one of the wealthiest women in the world.
Most of her fortune, estimated in the $20 billion range, is mostly in Apple stock. Apple was co-founded by her late husband Steve Jobs.
Powell also bought a majority interest in The Atlantic magazine through Emerson Collective from longtime owner David Bradley in July this year.
The move would make Powell Jobs one of the most influential female investors in America’s “Big four” sports leagues—baseball, basketball, football, and hockey—which is still dominated by male ownership.
I for one would love to see a smart, savvy woman shake up the sports world. Especially, a really rich woman who has decision making control in the four major professional arenas.
CNBC reports that Powell Jobs will pay $500 million for her stake. Ouch.
Powell Jobs’ $20 billion fortune comes mainly from her husband’s stake in Apple and Disney. He received those shares when he sold Pixar to Disney.
However, Powell Jobs is also a true philanthropist which means she’s promised much of her money to her own charity organization. It’s known as The Emerson Collective and supports organizations working on education and immigration issues.
Below is a video of Laurene talking about the world and her philanthropic work.
Thanks for reading. I wish you many imaginative tales. R.M. Robbins
Main writer’s site: thewritersnexus.com
R.M. Robbins Mixed Media Art site: seekcraft.com
Where to buy R.M. Robbins’ Art: etsy.com/shop/seekcraftart
Find R.M. on Instagram: @seekcraft1