Magic in 'discussions' to buy Ebony/Jet publisher & Chicago Property

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Posted by Bud on February 16, 2010 at 15:07:16:

Retired NBA star Magic Johnson is in talks to purchase Johnson Publishing Co., home to 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," said Eric Holoman, president of Los Angeles-based Magic Johnson Enterprises. "There's no definitive agreement."

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.

Johnson Publishing's Chicago headquarters would be included in the sale, said a person with knowledge of the discussions. A purchase may require satisfying liens placed on the building by a creditor, the person said.

Linda Johnson Rice, chairwoman and chief executive officer of Johnson Publishing, declined a request for an interview.

Spokeswoman Wendy Parks said Johnson Rice "has never talked to Magic Johnson with respect to his interest in buying" the company.

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: Retired NBA star Magic Johnson is in talks to purchase Johnson Publishing Co., home to 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," said Eric Holoman, president of Los Angeles-based Magic Johnson Enterprises. "There's no definitive agreement." : 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. : Johnson Publishing's Chicago headquarters would be included in the sale, said a person with knowledge of the discussions. A purchase may require satisfying liens placed on the building by a creditor, the person said. : Linda Johnson Rice, chairwoman and chief executive officer of Johnson Publishing, declined a request for an interview. : Spokeswoman Wendy Parks said Johnson Rice "has never talked to Magic Johnson with respect to his interest in buying" the company.

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