For more than 50 years African-Americans have clung to the words on the pages of Ebony and Jet, owned by Johnson Publishing in Chicago, but on Friday, Feb. 12 reports began to swirl that Earvin ‘Magic’ Johnson is currently in talks to purchase the flailing publishing powerhouse. The reason Johnson Publishing is in talks with Magic Johnson Enterprises is because ad revenues has decreased significantly over the past few years and to pay off creditor liens.
If the deal is solidified then Ebony and Jet would be placed among Magic’s already diverse and healthy business portfolio which includes Starbuck’s, 24 Hour Fitness centers, AMC Theaters, Best Buy and many other franchises throughout the US and internationally.
A representative from Magic’s stated, “There have been talks about a purchase but nothing concrete has been reached.” Representatives from Johnson Publishing have declined to respond. The North Dallas Gazette will keep you posted on any forthcoming changes.
