Magic Johnson says 'advanced discussions' with JPC didn't reach 'definitive agreement'

(February 22, 2010) Earvin "Magic" Johnson released a statement today saying someone from Magic Johnson Enterprises really had been speaking with someone else at Johnson Publishing Co. about something, but that nothing had come out of the talks.

Without being straight forward about the details, the former NBA star tried to put to rest a week-long buzz about his interest in the company that publishes the legendary Ebony and Jet magazines. The story took on a life of its own, with columnists, critics and bloggers assuming that a sale of JPC was all but a done deal.

In a carefully crafted 88-word release, Los Angeles-based businessman Johnson offered his only comment since the Feb. 13 Bloomberg news service story appeared quoting an unidentified insider who said a sale of JPC was being negotiated. MJE president, Eric Holoman was also quoted,  saying that there were discussions, but "there is no definitive agreement."

In his statement Johnson mentions the word "sale," but he claims that "advanced discussions to do business together" took place, though not between him and JPC chair and CEO, Linda Johnson Rice.

Here's what the entire statement said:

"I would like to salute Linda Johnson Rice and the Johnson family for pioneering the iconic brand of the Johnson Publishing Company, which we have all come to love and respect. Ebony and Jet have been permanent fixtures on coffee tables in African-American homes for many years.

"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. We will continue to look for opportunities to invest in African-American media."

For its part, the 67-year-old Chicago-based firm continues to ignore conjecture about its future plans, while working to hold its ground in an advertising market hard-hit by the recession.

JPC recently introduce improvements to the nation's two most successful black-owned titles. The weekly Jet just unveiled a new logotype and overall design, coming on the heels of a similar makeover of its flagship, Ebony magazine.


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15th annual 'Buying Power of Black America' released

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