From Bloomberg News | Retired NBA star Magic Johnson is in talks to buy Chicago-based Johnson Publishing Co., publisher of Jet and Ebony magazines. No definitive agreement has been reached at this point, a Magic Johnson Enterprises spokesman said.
Read the full story: bloomberg.com
At least he won’t have to change the name of the company!
So there shouldn’t be protests like they had with Marshall Field’s!
This is a story as old as time.
A business is founded and made successful by the blood, sweat and tears of the founder, who often started with nothing and made him/herself a success.
Then the next generation comes along and runs the business into the ground.
John H. Johnson must be spinning around in his grave at the thought of his legacy being sold to basketball player.
Linda Johnson Rice should be ashamed to have run this business into bankruptcy. She spent too much time socializing and jet-setting with Obama, Valerie Jarrett, Desiree Rogers, Melody Hopson, etc. and let the business go to krap in a handbasket.
Ebony and Jet lost relevance in the 70s and never got it back. Him buying those magazines is going to turn out worse than Roland Martin fake *** buying the Defender. They are only in if for the money. Magic Johnson cares as much about journalism as he does coffee. They need to just shoot that horse and bury it already.
Ebony and Jet lost relevance in the 70s and never got it back. Him buying those magazines is going to turn out worse than Roland Martin fake *** buying the Defender. They are only in if for the money. Magic Johnson cares as much about journalism as he does coffee. They need to just shoot that horse and bury it already.
Ebony and Jet lost relevance in the 70s and never got it back. Him buying those magazines is going to turn out worse than Roland Martin fake *** buying the Defender. They are only in if for the money. Magic Johnson cares as much about journalism as he does coffee. They need to just shoot that horse and bury it already.
Ebony and Jet lost relevance in the 70s and never got it back. Him buying those magazines is going to turn out worse than Roland Martin fake *** buying the Defender. They are only in if for the money. Magic Johnson cares as much about journalism as he does coffee. They need to just shoot that horse and bury it already.
Ebony and Jet lost relevance in the 70s and never got it back. Him buying those magazines is going to turn out worse than Roland Martin fake *** buying the Defender. They are only in if for the money. Magic Johnson cares as much about journalism as he does coffee. They need to just shoot that horse and bury it already.
Ebony and Jet lost relevance in the 70s and never got it back. Him buying those magazines is going to turn out worse than Roland Martin fake *** buying the Defender. They are only in if for the money. Magic Johnson cares as much about journalism as he does coffee. They need to just shoot that horse and bury it already.
Ebony and Jet lost relevance in the 70s and never got it back. Him buying those magazines is going to turn out worse than Roland Martin fake *** buying the Defender. They are only in if for the money. Magic Johnson cares as much about journalism as he does coffee. They need to just shoot that horse and bury it already.
Ebony and Jet lost relevance in the 70s and never got it back. Him buying those magazines is going to turn out worse than Roland Martin fake *** buying the Defender. They are only in if for the money. Magic Johnson cares as much about journalism as he does coffee. They need to just shoot that horse and bury it already.
Ebony and Jet lost relevance in the 70s and never got it back. Him buying those magazines is going to turn out worse than Roland Martin fake *** buying the Defender. They are only in if for the money. Magic Johnson cares as much about journalism as he does coffee. They need to just shoot that horse and bury it already.
Ebony and Jet lost relevance in the 70s and never got it back. Him buying those magazines is going to turn out worse than Roland Martin fake *** buying the Defender. They are only in if for the money. Magic Johnson cares as much about journalism as he does coffee. They need to just shoot that horse and bury it already.
Ebony and Jet lost relevance in the 70s and never got it back. Him buying those magazines is going to turn out worse than Roland Martin fake *** buying the Defender. They are only in if for the money. Magic Johnson cares as much about journalism as he does coffee. They need to just shoot that horse and bury it already.
[[B K Ray | February 14, 2010 11:11 PM | Ebony and Jet lost relevance in the 70s and never got it back. Him buying those magazines is going to turn out worse than Roland Martin fake *** buying the Defender. They are only in if for the money. Magic Johnson cares as much about journalism as he does coffee. They need to just shoot that horse and bury it already]]
don’t let the facts get in the way of a good rant. martin didn’t buy the defender, he was the executive editor. on balance, it wasn’t a bad move for that company…get a young guy with a brash attitude to shake things up. unfortunately, martin was all hat and not cattle. he’s a salesman and he sold himself to the paper. well, it probably was a lousy move…the money is out the door and so is martin. now he’s back on television. just what the world needs, another pundit.
magic johnson doesn’t need money. his net worth is placed at between five hundred million and nine hundred million dollars. and unlike martin, magic has shown that he knows how to run a business…or at least hire people who know how to run a business. magic wouldn’t be buying a magazine, he would be buying a brand. the magazines have lost relevance, but if you say “ebony and jet” every black person in america knows what you’re talking about.
so, you ask yourself, what is the brand worth? twenty million? forty? fifty is probably the upper limit. johnson is a privately held company, so you just have to find the right number to get the daughter to walk away. magazines are dropping like flies all over the country, so magic has the strong hand.
It is a shame that the 2nd generation of so many black businesses only see the money and sell out their parents legacy.
Johnson Haircare, Johnson Products, Chicago Defender, Baldwin Ice Cream, now Ebony/Jet and soon to follow, WVON radio station.
What does Magic Johnson know about publishing? He’s getting ready to show why his name is Magic because he’s going to make Ebony/Jet disappear.
Starbucks, TGIF, shopping malls in LA, Magic has done well in spite of and at least TRIES. I would like to see this work. Ebony and Jet can go digital, they have assets, photographis, historical interviews, it can still work in the internet age.
What’s with all this putting down of Magic Johnson? Basketball Player? He hasn’t been a basketball player for years. However, he has been a very successful businessman since then. I don’t see what’s wrong with Magic buying and trying to save Ebony and Jet. He has a history of helping black communities. Nothing wrong with a man trying.