Magic Johnson in talks to buy Ebony publisher
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Former Laker star Magic Johnson is in talks to buy the publisher of Ebony and Jet magazines.
“There have been discussions” about a possible acquisition of Chicago-based Johnson Publishing Co., said Eric Holoman, president of L.A.-based Magic Johnson Enterprises.
Johnson Publishing was founded in 1942 by John H. Johnson. Its publications chronicled African American life when mainstream media paid little attention.
John Johnson died in 2005. His wife, Eunice, died last month.
Ad revenue at Ebony plunged 38% last year to $35.5 million.
The publishing company’s chief executive, Linda Johnson Rice, “has never talked to Magic Johnson with respect to his interest in buying” the company, a spokeswoman said.
Magic Johnson Enterprises has partnerships with Starbucks Corp., 24 Hour Fitness Worldwide Inc. and T.G.I. Friday’s Inc.
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