Magic Johnson Won't Be Acquiring Johnson Publishing

The hall of famer was in talks to acquire the publisher of Ebony and Jet, but those talks have fallen through.

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Magic Johnson won't be buying Johnson Publishing. From Folio Magazine:

In a statement issued Monday, Johnson, who serves as chairman and CEO of Magic Johnson Enterprises, said his company was unable to reach a deal to acquire the Chicago-based magazine publisher.

“Recently, an affiliate of Magic Johnson Enterprises and Johnson Publishing Company were in advanced discussions to do business together, but unfortunately we were unable to reach a definitive agreement,” he said. “We will continue to look for opportunities to invest in African-American media."

Here’s what Johnson Publishing said in a statement e-mailed to FOLIO:: “Our team of advisers have continued to explore a wide range of options to leverage our iconic Ebony and Jet brands and sustain our leadership position in the marketplace as the number one African-American-owned publishing company in the world. As a privately held company, we are unable to discuss specifics of our discussions with potential partners.”

So, what's the next step for Johnson Publishing?