Mortimer Zuckerman
Mortimer Benjamin Zuckerman | |
|---|---|
| Born | June 4, 1937 Montreal, Canada |
| Nationality | Canadian-American |
| Occupation(s) | Media executive, investor |
| Known for | Co-founder and executive chairman of Boston Properties; owner and editor-in-chief of U.S. News & World Report; former owner of New York Daily News, The Atlantic, Fast Company |
Mortimer Benjamin Zuckerman (born June 4, 1937) is a billionaire media executive and investor holding dual Canadian-American citizenship. He co-founded and serves as executive chairman of Boston Properties, which ranks among the largest real estate investment trusts in the United States. Zuckerman is the owner and editor-in-chief of U.S. News & World Report. His past media holdings include ownership of the New York Daily News, The Atlantic, and Fast Company. As of August 2024, his net worth is approximated at US$2.6 billion.
Early life and education
Zuckerman was born in Montreal, Canada to Esther and Abraham Zuckerman, proprietors of a tobacco and confectionery shop. His family follows Jewish traditions, with his grandfather serving as an Orthodox rabbi. At age 16, he matriculated at McGill University, where he earned a BA degree in 1957 followed by a BCL in 1961, though he did not pursue bar admission. That same year, he enrolled at the Wharton School of the University of Pennsylvania, graduating with distinction with an MBA. In 1962, he completed an LLM at Harvard Law School.
Business career
Following his studies, Zuckerman remained affiliated with Harvard Business School, serving as an associate professor for nearly a decade while also teaching at Yale University. He dedicated seven years to the real estate firm Cabot, Cabot & Forbes, advancing to senior vice president and chief financial officer roles.
In 1980, he acquired the literary publication The Atlantic, acting as its chairman until 1999 when he sold it to David G. Bradley for $12 million. He also divested from Fast Company during the 2000 technology boom for $365 million. During his tenure owning Atlantic Monthly, Zuckerman purchased U.S. News & World Report in 1984, where he continues as editor-in-chief. In 1993, he took ownership of the New York Daily News, managing it until its sale to Tronc in 2017.
Politics
In addition to his ventures in publishing and real estate, Zuckerman frequently contributes commentary on international affairs through appearances on MSNBC and The McLaughlin Group, as well as columns for U.S. News & World Report and the New York Daily News. His political leanings have shifted since the late 1970s.
In 2010, Zuckerman asserted that he had contributed to drafting one of President Barack Obama's speeches; however, this was later clarified to reflect private advisory input rather than direct authorship—a claim disputed by Obama's established speechwriting team.
Originally a committed Democrat who supported Obama in 2008, Zuckerman later voiced several criticisms of the administration. Following the 2011 downgrade of US credit by Standard & Poor's, he expressed a preference for "a triple-A president to run a triple-A country." While initially endorsing Obama's infrastructure stimulus plan, he criticized its funding distribution favoring municipal unions aligned with Democratic interests. Regarding healthcare reform, Zuckerman observed that most Americans prioritized controlling costs over expanding coverage, implying that political objectives had taken precedence over public opinion.
Personal life
Zuckerman obtained American citizenship in 1977.
Prior to marriage, his romantic involvements included authors Betty Rollin, Nora Ephron, Arianna Huffington, and a notable four-year relationship with feminist advocate Gloria Steinem during the late 1980s and early 1990s.
In 1996, he wed Marla Prather, who worked as a curator at the National Gallery of Art. Together, they have a daughter named Abigail. The marriage ended in divorce in 2001; Prather subsequently married attorney Jonathan D. Schiller. Zuckerman’s second daughter, Renee Esther, was born in December 2008 when he was 71 years old; the identity of her mother has not been publicly disclosed.
During the November 28, 2014 broadcast of The McLaughlin Group, Zuckerman revealed that he had adopted a vegan lifestyle since 2008, confirming earlier accounts from Bloomberg Businessweek. His final appearance on the program occurred in July 2015, where he expressed support for Rick Perry’s presidential campaign. Shortly thereafter, he announced his absence from the East Hampton Artists-Writers softball game for the first time since 1993. That same month, the New York Post reported that Zuckerman entrusted his nephews with managing the sale of the New York Daily News and has made few public remarks regarding its shutdown.
Philanthropy
In May 2004, Zuckerman committed $10 million to Harvard University to establish fellowships aimed at students pursuing professional degrees in law, business, or medicine who demonstrate interest in programs at Harvard’s Harvard Graduate School of Education, Harvard T.H. Chan School of Public Health, or Harvard Kennedy School. The Zuckerman Fellowship fully covers tuition, fees, health insurance, and provides a yearly stipend for one academic year.
Two years later, in May 2006, he donated $100 million through his charitable trust to support Memorial Sloan Kettering’s new cancer research center, marking the largest single gift ever received by the institution.
In December 2012, Zuckerman pledged $200 million to establish the Mortimer B. Zuckerman Mind Brain Behavior Institute at Columbia University.
Involvement in Jewish organizations and Israel
Between 2001 and 2003, Zuckerman held the position of chairman for the Conference of Presidents of Major American Jewish Organizations. Although his election faced resistance from progressive Jewish factions, he served out his full term.
In their 2006 publication The Israel Lobby and U.S. Foreign Policy, John Mearsheimer and Stephen Walt categorized Zuckerman as part of the media segment within the "Israeli lobby". Zuckerman responded with a sardonic remark addressing allegations about disproportionate influence.
President George W. Bush appointed him to an Honorary Delegation that accompanied the president to Jerusalem in May 2008 for Israel's 60th anniversary celebrations.
Appointments and associations
Zuckerman holds trustee positions on boards of various educational and private organizations including New York University, the Aspen Institute, Memorial Sloan-Kettering Cancer Center, the Hole in the Wall Gang Fund, and the Center for Communications. He is also a member of JPMorgan's National Advisory Board, as well as affiliated with the Council on Foreign Relations, Washington Institute for Near East Policy, and International Institute for Strategic Studies. Additionally, he has served as president of the board of trustees at Boston’s Dana–Farber Cancer Institute.
As a mentor and close confidant of Daniel M. Snyder, former owner of the NFL football franchise Washington Commanders, Zuckerman has financially supported Snyder’s projects such as CampusUSA magazine. He was also an investor and director at Snyder Communications Inc., a marketing services company acquired by Havas Advertising in 2000.
Honors
Zuckerman has been bestowed with three honorary degrees, one of which was granted by Colby College. In 1994, the French government honored him with the title Commandeur de l'Ordre des Arts et des Lettres. Additionally, he has received a lifetime achievement accolade from Guild Hall and was awarded a gold medal by the American Institute of Architecture in New York.
Bernard Madoff investment scandal
Among the investors defrauded in the scandal was Zuckerman, whose charitable trust fund entrusted approximately 10% ($30 million) to convicted fraudster Bernard Madoff through Fifth Avenue Synagogue president J. Ezra Merkin. Despite these financial setbacks, Zuckerman pledged that all philanthropic obligations would be fulfilled. During an event at the YIVO Institute, he remarked on the extensive harm Madoff inflicted on the standing of American Jews.
On April 6, 2009, Zuckerman initiated legal action against Merkin and Gabriel Capital LP, accusing them of fraud and negligent misrepresentation and seeking punitive damages. The complaint alleges Merkin concealed Madoff’s involvement to continue collecting substantial management fees for Ascot Partners LP and Gabriel Capital. Zuckerman’s total losses surpassed $40 million, including $25 million invested through his Charitable Remainder Trust in Ascot Fund and $15 million personally invested in Gabriel Capital. Merkin levied a 1.5% management fee and enforced significant redemption limitations; however, an arbitration clause applies to Zuckerman’s personal investment losses under the Gabriel Capital agreement. The lawsuit also named BDO Seidman LLP and BDO Tortuga as defendants.
This litigation is recorded as CRT Investments Ltd. v. J. Ezra Merkin, case number 601052/2009, filed in the New York State Supreme Court (Manhattan).
2010 Senate election
Although primarily identified with the Democratic Party, there was speculation that Zuckerman might pursue New York’s 2010 Senate seat as either a Republican or independent candidate to circumvent an expensive primary contest. Critics pointed out contradictions in his expressed views on pivotal policy matters. Wayne Barrett of the Village Voice observed that Zuckerman’s positions appeared to align with both sides of significant economic debates. Ultimately, on March 2, 2010, he chose not to enter the race, citing commitments to family and professional responsibilities.