Sunday Business Report: Magic Johnson Buying Ebony Magazine Empire

- By Bossip Staff Categories: News, True or False?

According to sources, BOSSIP has learned entrepreneur Magic Ervin Johnson may be looking to buy the Ebony Magazine empire.

Details on the flip. A media outlet reports:

“There have been discussions,” Eric Holoman, president of Los Angeles-based Magic Johnson Enterprises, said yesterday in an interview. “There’s no definitive agreement.” He declined to comment further.

Johnson, 50, would fold the publisher into Magic Johnson Enterprises, said a person with knowledge of the discussions. The company he founded while a player with the Los Angeles Lakers has partnerships with Starbucks Corp., 24 Hour Fitness Worldwide Inc. and T.G.I. Friday’s Inc. Ad revenue at Ebony declined 38 percent to $35.5 million last year on a 39 percent drop in ad pages, according to Publishers Information Bureau.

That wouldn’t be a bad look for either company.  Hopefully it goes through.

Source

Comments

  • Kool Breeze

    Yeah this deal should breeze through, besides with the last name johnson the same name as the previous owner this should be a good fit for the magic man. Dude really has the midas touch.

  • Ree

    Don’t even remember the last time I saw anyone with a copy of Ebony. About time they woke up and joined the 21st century…

  • Somali Ninga

    all black magazines are horrible and owned by white men.

  • daahlingnikki

    Maybe now he will stop being a shill for Rent-A-Center…One of the worst rip off companies in the world…

  • http://www.theperfectmemorial.com www.The Perfect Memorial.com

    Magic’s gonna need some super Magic to pull off this one!

    I wouldnt invest in anything paper-based these days!

    Online or bust playa!

  • DDub (Right? Right.)

    @ Baby

    Nah he ain’t lonely fool. He has a HIV and a wife to keep him company. AD FAIL.

  • http://aol ebonieladi

    Not a good move in this economy. Many newspapers and magazines are folding for a reason. It’s because many people find it easier to get their info from the internet rather than but a paper or magazine. Doesn’t seem like a good investment. And I hope he stops being a spokesman for Rent-A-Center. One of the biggest ripoffs ever and I only see them in minority or low income areas. By the time you finish renting whatever it is, you will have paid 3 to 4 times what it was worth. Shame on Magic for that one.

  • DR.FUNK

    Would’nt do it.Can’t see how you make that work unless you have a plan and a staff for going digital.There could be some upside if he does.Good luck Magic.

  • http://deronbutler.blogspot.com Deron

    great business move for Magic Johnson. Magic Johnson is definitely moving up and beyond.

  • NYC Gal

    They could always do a joint partnership! The daughter doesn’t seem to know how to run the business.

  • http://www.k.com noelle

    My mom loves him!

  • Marquis de Sade

    I wouldn’t do it. Printed media is in its’ last death throes, and digital media is still in its’ infancy, especially with regards to it bein’ marketed and sold to the BLACK DEMOGRRAPHIC. Ebony has enjoyed its’ run, now it’s time for it to fade away gracefully, instead of goin’ through the whole rigamorole of maintainin’ it’s long expired relevancy.

  • clara

    Marquis this acquisition is NOT ABOUT MAKING MONEY. IT IS ABOUT PRESERVING THE LEGACY OF JOHNSON PUBLISHING.

    MAGIC IS AN INTELLIGENT MAN WHO UNDERSTANDS THAT, THAT IS MORE IMPORTANT THAN MONEY.

    HE CAN REBRAND THIS MAG UNDER A DIFFERENT NAME. AIG IS DOING THAT RIGHT NOW WITH WITH THEIR SMALLER COMPANIES.

  • ummmm

    u cannot blame Magic Johnson on Rent A Center for you being broke or having bad credit. Thats your fault! its a business get over it.

  • Marquis de Sade

    Clara

    Well in the words of that great urban poet, DJ Quik: “IF IT AIN’T MAKIN’ MONEY, IT DON’T MAKE SENSE”.

    Darlin’ we’re livin’ in recessionary times, and as far as i’m concerned, mis-placed sentimentality has no place in CAPITALISM – Especially when it comes to a dyin’ venture called THE PRINTED MEDIA.

  • http://aol ebonieladi

    Yes,these businesses are deliberately or calculatingly placed in low income neighborhoods to exploit the residents there. Especially people who think they are getting some type of deal and sign these contracts and pay for years and as soon as they miss the first payment their item is being repossessed and everything they paid into it goes down the drain. Yes they are partly at fault for buying into it but if it wasn’t put there in the first place then the option is taken away. And Yes, Magic does hold some responsibility. He knows what type of business this is so he is part of the exploitation even if it is business. Does that make it ok to exploit his own people, especially with his rep for providing jobs in the black community.

  • http://aol ebonieladi

    Just read a story about Montel Williams endorsing payday loans. Same kind of f**kery and exploitation. Same thing with rapid refund.

  • LA'S FINEST

    Magic stay making money.

  • Marquis de Sade

    LA’S FINEST

    LOL! The only way he’s gonna make money off this ill-advised acquisition is via a TAX WRITE-OFF.

  • T

    I lost respect for Magic’s business sense when I found out he doesn’t hire the best to run his businesses. A few people on some of his staffs aren’t qualified, and some are relatives. Hiring relatives isn’t wrong, but hiring people in positions they aren’t qualified for is.

  • Wenzel Dashington

    nobody reads magazines. that’s why it’s for sale after 60 years. maybe magic can attract online readers

  • JC 'o Bklyn

    Is he really HIV positive? ’cause he makes HIV negative people look positive, he looks so healthy.

  • http://no4corners.com/life/?p=4591 Magic Johnson To Buy Ebony Magazine ?? « Life Blog

    […] CREDIT var addthis_pub = ''; var addthis_language = 'en';var addthis_options = 'email, favorites, digg, delicious, myspace, google, facebook, reddit, live, more'; AKPC_IDS += "4591,"; […]

  • http://www.bossip.com phillyindubai

    Ebony was thee black magazine back in the day with my grandparents.

    Unfortunately, the magazine never changed with the times. Jet was real cool!!!

1 2
blog comments powered by Disqus