In a landscape where there are no available media jobs, and there's virtually no mobility in the market, Mr. Bowden appears to have written his ticket. He told The Observer that after six years on contract at The Atlantic, it was a decision that largely came down to money.

"I talked to the [Atlantic] editors and told them I wanted to accept these other lucrative opportunities when they present themselves," said Mr. Bowden.

Earlier this year, he wrote an e-mail to Mr. Carter and Vanity Fair editor Cullen Murphy (who until 2006 was managing editor at The Atlantic), telling them he was interested in doing something.

The three gathered at Mr. Carter's Bank Street brownstone to discuss the details: Mr. Bowden's contract will be for two stories a year, and according to a source with knowledge of the deal, the contract is worth a low six-digit sum.