How to save a magazine, with The Atlantic’s Nicholas Thompson - Masters of Scale Recap
Podcast: Masters of Scale
Published: 2026-01-15
Duration: 38 minutes
Guests: Nicholas Thompson
Summary
Nicholas Thompson transformed The Atlantic from a financially struggling magazine into a profitable enterprise by implementing innovative strategies. He shares insights on navigating media disruptions and the personal growth gained from long-distance running.
What Happened
Nicholas Thompson took over The Atlantic when it was losing $20-$30 million annually and had recently laid off 20% of its staff. His leadership involved running 230 tests on the paywall in a single year, resulting in The Atlantic achieving profitability and growing its subscriber base to 1.46 million. Thompson's approach included building direct relationships with readers through multiple platforms like print, apps, and newsletters.
The Atlantic also secured a licensing deal with OpenAI, ensuring compensation for data that was scraped in violation of terms of service. This move highlights Thompson's proactive stance on AI disruption in the media landscape. He continues to engage with AI by publishing a daily series as both a learning and marketing tool.
In addition to financial strategies, Thompson emphasizes The Atlantic's founding principles of generosity, the power of ideas, and belonging. Ensuring that The Atlantic remains 'of no party or clique,' the magazine publishes a variety of perspectives from writers like Adam Surrey and David Frum.
A challenge The Atlantic faces is retaining talent who are tempted by potentially higher earnings on independent platforms like Substack. Despite this, The Atlantic offers benefits such as copy editing, fact-checking, and network reach to its writers.
Thompson's new memoir, 'The Running Ground,' explores his relationship with his father, his career, and his passion for running. He shares how lessons from running, like overcoming mental barriers and understanding pacing, apply to business leadership.
Thompson's own running achievements, including breaking a three-hour marathon and setting an American record in the 50K, underscore his belief in pushing through discomfort to achieve potential. These experiences have informed his leadership style, where he encourages employees to pursue their biggest potential accomplishments.
Key Insights
- The Atlantic achieved profitability and grew its subscriber base to 1.46 million by conducting 230 tests on its paywall in a single year, focusing on building direct relationships with readers through print, apps, and newsletters.
- A licensing deal with OpenAI was secured by The Atlantic to ensure compensation for data scraped in violation of terms of service, reflecting a proactive approach to AI disruption in the media landscape.
- The Atlantic faces challenges in retaining talent as writers are drawn to potentially higher earnings on platforms like Substack, but offers benefits such as copy editing, fact-checking, and network reach.
- Nicholas Thompson's running achievements, including breaking a three-hour marathon and setting an American record in the 50K, inform his leadership style, which encourages employees to pursue their biggest potential accomplishments.