Magic Johnson in Talks to Buy Johnson Publishing

Former NBA star Earvin Magic Johnson reported is in talks to acquire Johnson Publishing Co., publisher of Ebony and Jet magazines and an archive of iconic photographs documenting U.S. black life for more than half a century.

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

According Bloomberg;

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.