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.”
Meanwhile, MJE says it is still looking to invest in African American media.
So, what's the next step for Johnson Publishing?