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Magic Johnson to Accquire Ebony and Jet Magazines?

Bloomberg is reporting that Magic Johnson is interested in acquiring Johnson Publishing, the parent company of Ebony and Jet Magazines.  If acquired the Johnson Publishing would become part of Magic Johnson Enterprises, the current holding company for all of Magic Johnson’s businesses including Starbucks and TGIF.  Should the deal go through this would be Magic Johnson Enterprise’s only business in media.  Bloomberg spoke with Eric Holoman, president of Magic Johnson Enterprises and while he mentioned their had been discussions he did admit to no deal being in place:

“There have been discussions…There’s no definitive agreement.”

He declined to comment further.  Head honcho Linda Johnson Rice on the other hand did not comment at all and declined Bloomberg’s request for an interview.  Wendy Parks, spokeswoman for Johnson Publishing said Johnson Rice “has never talked to Magic Johnson with respect to his interest in buying.”

9 Comments

Comments

I think Magic's business sense is spot-on. While JPC has made great strides, I think this move could really kick it into the new millenium. From his theaters, to his branded TGI Friday's, to Starbucks, Magic has proven he can add the right business at the right time to his portfolio.

lilapolite says:

Ebony/Jet had the right team and was given smart, proven and forward thinking fully integrated editorial, digital and hiring strategies and sadly, they passed on it. Not enough folks in place with new media know how, too many egos and the list goes on. Magic is clearly not the one to save them regardless of his wanting to do “big thangs”! Good luck to them. Would be a shame to see them simply go away.

ahr19 says:

If he hires the right people who know about media and New Media (and consider the future of Media), then perhaps this is a positive step. It all depends on which team he builds around this venture b/c Magic himself has limited media experience.

Natasha says:

No! Otherwise he'll continue trying to convince the community that Rent-A-Center is the way to riches. Lord help us because on that point alone, his business sense doesn't seem very empowering to the community.

kevinmcfall says:

Not sure that Magic Johnson Enterprises has much experience in turning around businesses, nor has the firm exhibited any prowess in cultivating businesses in the digital media arena. Despite these observations, Magic has proven to be a shrewd businessman with the ability to strategically partner and raise capital. Will these capabilities be enough to help the brands of JPC (Ebony, Jet Fashion Fair) rise again to the stature they've once held in American media, should the deal be consummated?

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