Josh Kushner and his supermodel wife Karlie Kloss have agreed to buy Life magazine from Barry Diller’s IAC for an undisclosed sum, according to a report.
Kushner, the venture capitalist who owns Thrive Capital, and his wife have come to terms with IAC subsidiary Dotdash Meredith for the publishing rights to Life, the photography-focused magazine that ceased putting out monthly editions in 2000.
Kloss’ media startup, Bedford Media, is acquiring the publication rights to Life, according to The New York Times.
Life, founded by Time publisher Henry Luce, began as a weekly picture magazine that ran from 1883 until 1972. Since then, it has intermittently put out special editions, though it went fully online in 2008.
The magazine’s photojournalists took iconic images from key 20th century events including World War II, the Korean War, and the Vietnam conflict.
According to the Times, Kushner, the brother of former Trump administration adviser Jared Kushner, approached Diller about resurrecting Life last year.
Kushner, who has a net worth of more than $3 billion thanks to his venture capital firm’s investments in Instagram, Spotify, and Slack, pitched Diller on reviving the brand both in print and online while using its name to promote events and collaborations with studios, the Times reported.
“Life’s legacy lies in its ability to blend culture, current events and everyday life — highlighting the triumphs, challenges and unique perspectives that define us,” Kushner, who will serve as the magazine’s publisher, said in a statement.
While Bedford Media will publish the magazine, Dotdash Meredith will still maintain the rights to the photo and content archive.
Dotdash will also continue to publish special single-topic print editions.
“We see Life as an uplifting and unifying voice in a chaotic media landscape,” Kloss told the Times.
This is the couple’s latest foray into media acquisitions. Last year, Bedford purchased i-D, the style magazine that was once owned by Vice.
In 2020, Kloss put together a group of investors to purchase high-end fashion magazine W.
Bedford will soon start hiring editorial staff for Life. The magazine is tentatively scheduled to resume publishing early next year.
The acquisition comes at a perilous time for the news industry.
The news website The Messenger folded last month after being in operation since only last May, abruptly putting some 300 journalists out of work.
The Los Angeles Times laid off more than 100 journalists in recent weeks, Business Insider and Time magazine announced staff cuts, Sports Illustrated is struggling to survive, and the Washington Post is completing buyouts to more than 200 staffers.
The Wall Street Journal recently laid off roughly 20 people in its Washington bureau.
Pitchfork announced it was no longer a freestanding music site after digital publications BuzzFeed News and Jezebel disappeared last year.
With Post Wires
