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.