Johnson publishing has had a rough time with keeping their publications a float during the recession and now it seems their most prized possession Ebony Magazine is seeking investors to keep the mag from shutting down.
Linda Johnson Rice the current CEO and daughter of late Founder John H. Johnson, has had a rough year of layoffs, cutbacks and hard decisions in order to keep the multi-publishing company afloat. Yet with all the cutbacks and layoffs, Rice is still facing the closure of Ebony Magazine, if she can’t find enough investors to invest in the magazine. According to sources, Rice has sought out investments from Time Inc., Viacom, and private investors. Time Inc., the world’s largest periodical publisher which already owns Essence and Viacom which is home to MTV, BET and other major networks, declined comment.
Sources say that Rice is definitely trying to keep the publication in-house because of its historical roots in the black community and she would rather get investors than put the magazine up for sale. With Ebony’s advertising taking a decline for the past three consecutive years, the hope of keeping the magazine apart of Johnson Publishing may be a far reach.
We hope we can hold on to Ebony because too many African-American magazines have already bitten the dust.