Magic Johnson, chairman and CEO of Magic Johnson Enterprises, released a statement confirming the rumors that his company was in talks regarding investing in Johnson Publishing Company, home to the historic Ebony and Jet magazines. According to the statement, the negotiations ultimately broke down. Linda Johnson Rice, currently at the helm of Johnson Publications, had previously denied the two entities were communicating. –gerald radford
Magic Johnson’s statement:
“I would like to salute Linda Johnson Rice and the Johnson family for pioneering the iconic brand of the Johnson Publishing Company, which we have all come to love and respect. Ebony and Jet have been permanent fixtures on coffee tables in African-American homes for many years. Recently, an affiliate of Magic Johnson Enterprises and Johnson Publishing Company were in advanced discussions to do business together, but unfortunately we were unable to reach a definitive agreement. We will continue to look for opportunities to invest in African-American media.”
Source: Magic Johnson Enterprises
