Magic Johnson unable to Reach Agreement with Johnson Publishing

In a statement released today, NBA Legend turned entrepreneur Magic Johnson confirmed that his company, Magic Johnson Enterprises, was in fact in advanced discussions to do business with Johnson Publishing, but the two companies were unable to reach an agreement. Magic Johnson Enterprises, whose goal is to “provide quality entertainment, products and services to ethnically diverse, urban communities”  has announced that they will continue looking for other opportunities to invest in the African-American Media space. With no indication of which company Johnson’s targeting next, leaves us a little room to  speculate. Any ideas?

BTW, I’ve included the full press release below.

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.”

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