Magic Johnson, Vibe Holdings New Chairman

Magic Johnson to become new chairman of Vibe Holdings LLC, the parent company of Vibe Magazine, Vibe.com, Uptown Magazine and the revered and iconic Soul Train TV. 

Johnson's Magic Johnson Enterprises and billionaire Ron Burkle’s Yucaipa Cos. are reported to have invested eight figures into the company.

This investment will be used to invigorate and further cement these brands as formidable urban media outlets spanning the broadcast, digital, live entertainment, and print mediums. It will also be used in part to acquire similar media assets to help capture a larger share of the African-American market for advertisers. 

"The mission of Magic Johnson Enterprises is focused on building mutually beneficial relationships between corporations and the underserved urban market.  Through programs designed to cultivate the existing profit potential of this burgeoning, and frequently neglected demographic, we are able to revitalize and maximize profit margins.  Currently the landscape of modern media lacks a platform to serve this community on a global scale," states Earvin "Magic" Johnson, Chairman and CEO of Magic Johnson Enterprises.  

Speaking to the future of Vibe Holdings he notes, "History and legacy are paramount in building brand affinity and we plan to integrate this ideology into the resurgence of Vibe Holdings.  Through leveraging established brand equity we will create a pertinent message vehicle for major advertisers.  We will redefine Vibe Holdings as the center of influence for the coveted urban audience."

This deal comes almost a year after Johnson tried to buy Johnson Publishing, publisher of Jet and Ebony magazines.

Vibe Holdings also announced today that Robert Miller, the co-founder of Vibe Magazine and former publisher of Sports Illustrated and Time Magazine, will become Chairman of the Vibe and Uptown magazine group. Len Burnett and Brett Wright will remain Co-CEOs of Vibe and Uptown magazines, and Kenard Gibbs will continue to serve as CEO of Soul Train.