Is Magic Johnson Looking To Buy Jet And Ebony?
So says BusinessWeek. The NBA Hall of Famer is reportedly in talks to purchase Johnson Publishing Company, a publishing concern that prints Ebony, Jet and other related titles and books. SInce retiring from basketball, Earvin “Magic” Johnson has built a net worth in excess of $700MM via Magic Johnson Enterprises, which includes Theater, real estate and promotional businesses among others.
Writing for BusinessWeek, Brent Pulley reports:
Retired NBA star Earvin Magic Johnson is in talks to purchase Johnson Publishing Co., owner of Ebony and Jet, magazines that have documented African-American life for more than half a century.
“There have been discussions,” Eric Holoman, president of Los Angeles-based Magic Johnson Enterprises, said yesterday in an interview. “There’s no definitive agreement.” He declined to comment further.
Johnson, 50, would fold the publisher into Magic Johnson Enterprises, said a person with knowledge of the discussions. The company he founded while a player with the Los Angeles Lakers has partnerships with Starbucks Corp., 24 Hour Fitness Worldwide Inc. and T.G.I. Friday’s Inc. Ad revenue at Ebony declined 38 percent to $35.5 million last year on a 39 percent drop in ad pages, according to Publishers Information Bureau.
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