Television. Now Ebony magazine, the nation’s oldest and largest African
American-oriented monthly publication, is looking for a buyer to stave off
complete fiscal collapse.
“As we’ve indicated previously, we are exploring a range of options to support our core media business,” according to a statement issued by Johnson Publishing Company spokeswoman Wendy Parks.
Johnson Publishing Company is quite possibly looking to
hitch its wagon with Viacom or Time Inc. Essence magazine was purchased by Time
Inc. in 2000 and Viacom acquired BET that same year.
Ebony magazine, which was founded by John H. Johnson in
1945, has been mired in a fiscal quagmire for the past few years. The record
newsstand sales it enjoyed when President Barack Obama was on the cover were
grossly insufficient to offset the precipitous fall in advertising revenues,
down to $18.8 million from $27.7 million in 2008, according to media reports.
JPC had to cancel the popular Ebony Fashion Fair, the first time that has happened in the 51-year history of the event. It also
endured a management reorganization earlier this year that made national
headlines and left jettisoned senior editors embittered. The plethora of
changes, however, absent a suitor with deep pockets, may not save the iconic brand. –terry shropshire
