Quincy Jones wants to buy back Vibe
Vibe magazine founder Quincy Jones wants to buy back the hip hop publication he started in 1994 as an alternate to Rolling Stone. Vibe and Spin magazine are both controlled by the same publishing company, and Jones is looking to acquire the entire unit.
According to a report posted Wednesday on TheDeal.com, Jones has joined with hedge fund BayStar Capital to make a $100 million offer to current owner Freeman Spogli & Co., to buy the magazines. Jones, who still owns a minority stake in the magazine, wants to have more influence on daily operations.
Vibe is controlled by Miller Publishing Group LLC which was formed by Freeman Spogli to purchase the magazines in 1997.
The magazine was initially backed by Time Inc., in 1994 but was purchased two years later by Vibe ventures, a company backed by Jones, TV producer David Salzman and publishing executive Robert Miller.
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