(ThyBlackMan.com) In an agreement formally announced today, Magic Johnson Enterprises — in partnership with the Yucaipa Cos. — has invested in Vibe Holdings, LLC. This investment will make the NBA legend chairman of the media company that owns Vibe magazine, in addition to other well-known brands like the television franchise ‘Soul Train.’
As part of this new endeavor, Vibe Holdings, LLC will expand its media holdings in the near future to revitalize its brands, thus creating an enticing urban media platform for choice advertisers. In a statement quoted on 
Richard Prince’s Journal-isms™, Magic Johnson said of his plans: “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.”
What urban media companies are next on Vibe’s shopping list? We will have to wait and see. According to The Wall Street Journal, “[a] spokeswoman for the investors declined to comment on what properties the company might pursue next,” only confirming that future moves for Vibe Holdings, LLC will “target ‘brand name assets that speak to various demos in the multicultural segment.”
This is a strategic move for Magic Johnson as a businessman who has successfully run a wide variety of companies, ranging from movie theaters to food emporiums. His investment in Vibe Holdings, LLC in partnership with the Yucaipa Cos. marks a smart consolidation of interests for the diversified entrepreneur. Lisa Magnino, a spokeswoman for the company stated that prior to his investment in Vibe Holdings, “Magic Johnson Enterprises liquidated its interest in about 105 Starbucks coffee shops, giving Starbucks Corp. all of the equity in those stores, [and] sold his stake in the Los Angeles Lakers, the National Basketball Association franchise where he once starred.”
These decisions to free up capital were made after Magic Johnson Enterprises’ negotiations to buy Johnson Publishing Co. (owner of Ebony and Jet) failed to reach a resolution. Yet, Magic Johnson’s interest in investing in black media remained. Now his dream has become a reality. It’s wonderful that Magic Johnson has been able to bring his vision of black media ownership to fruition with his investment in Vibe Holdings with the Yucaipa Cos., which is said to be in the range of eight figures.
At a time when minority media ownership has become a hot issue, it is a major milestone for Magic Johnson to become chairman of a prominent corporation that speaks to our audience. The net result of this investment does not render Vibe Holdings, LLC a firm that is majority-black owned — but with Magic Johnson as chairman, we will have a veteran leader of the African American community at its helm. In addition to the launch of Oprah’s OWN network, this a step in the right direction.
Hopefully, African Americans will soon have even greater input into the communications that inform us.
Written By Alexis Stodghill
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