From Target Market News…
Johnson Publishing Co. officials deny negotiation talks with Magic Johnson
Executives with Chicago-based Johnson Publishing Co. have denied that there are negotiations taking place regarding a sale or partnership with businessman and former NBA star, Earvin “Magic” Johnson. A report published last week by the Bloomberg news service quoted Eric Holoman, president of Magic Johnson Enterprises, as saying “There have been discussions” with the nation’s largest African-American owned publishing company, but “there’s no definitive agreement.”
The story also quoted JPC spokesperson, Wendy Parks as saying that company chairman and CEO, Linda Johnson Rice “has never talked to Magic Johnson with respect to his interesting buying the company.”
JPC executives, who asked not to be identified, told Target Market News that the story “was a total surprise,” and that there are no talks taking place with MJE.
Magic Johnson most recently was in the news for suggesting to President Obama that a minority czar be appointed by the administration to act as a liaison between minority communities and the White House. He also said that he would be willing to assume the post if other candidates could not be identified.
Numerous stories have circulated about the fate of Johnson Publishing Co., which publishes Ebony and Jet magazines. Like all publishers, has had to address severe cuts in advertising revenues. In 2009 JPC reported to the Publisher Information Bureau ad revenues of $35.4 million, a drop of 37.5 percent from 2008. Ebony continued to be the largest revenue producer of all black-owned magazines. Essence, the leading magazine for black women and owned by Time Inc., had 2009 revenues of $100.6 million, a drop of seven percent from the previous year.
Though a host suitors and buyers have been cited as interested or holding discussions with the iconic company, no sales or partnerships have taken place.
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