I’m SO glad Magic is not going to buy EBONY. Seems there were unable to reach an agreement. I’m willing to BET it had something to do with the archives and/or the price. As I stated earlier, this purchase would have been a HUGE mistake as magazines and newspapers are on their last leg and unable to fart out an ounce of profit these days. They will probably be obsolete within the next 2 years even for seniors. EXCEPT niche publications. There is a special kind of magazine that will be a great success in the next couple of years but it has not even been done (well) yet.
I got a ton of email telling me I was right and wrong in my assessment about Magic’s intended purchase of EBONY. They told me the archives themselves were worth millions. I explained to those naysayers ‘yeah, to the new generation of black kids who care…?’ Urban media has been so far removed from our history that a whole generation or two just don’t know. Ebony COULD have been that liason had they had content that interested today’s trendsetters but they were steadfast in targeting the older demo for the past 25 years only. Ask your teen-aged son or daughter or granddaughter who Sammy Davis Jr., Red Foxx, Richard Pryor, Paul Robeson, Berry Gordy or The Tempations are. They MAY know Richard because of the current movie being made but where are/were their resources? One great thing EBONY DID do was those incredibly informative and interesting hardcover books that covered certain aspects of Black history but by the time Linda took over, it was just too late. Story below….K
Retired NBA star Earvin Magic Johnson said an affiliate of his company held “advanced discussions” to buy Johnson Publishing Co., the closely held owner of Ebony and Jet, and was unable to reach an agreement. Johnson, 50, said he remains interested in African-American media, without disclosing whether he is looking at other properties, according to a statement. Tammy Warren, a spokeswoman for Johnson, wasn’t available for further comment.
Los Angeles-based Magic Johnson Enterprises, has partnerships with several companies including Starbucks Corp., 24 Hour Fitness Worldwide Inc. and T.G.I. Friday’s Inc. Wendy Parks, a spokeswoman for Chicago-based Johnson Publishing, wasn’t available for comment. 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.
