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.
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Magic Johnson Professional Profile
MJ Enterprises
MJ Enterprises serves ethnically-diverse, urban communities of Magic Johnson Enterprises makes strategic investments, partnerships and endorsements in ethnically-diverse urban communities. Magic Johnson Enterprises covers all of the business ventures connected to his name and assets: Magic Johnson Movie Theaters and 90 Starbucks locations.
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Magic Johnson Professional Profile
MJ Enterprises
MJ Enterprises serves ethnically-diverse, urban communities of Magic Johnson Enterprises makes strategic investments, partnerships and endorsements in ethnically-diverse urban communities. Magic Johnson Enterprises covers all of the business ventures connected to his name and assets: Magic Johnson Movie Theaters and 90 Starbucks locations.
Magic Johnson Professional Profile
Rivalry with Larry Bird
It started with the game that put the "Madness" in the month of March. Bird's Indiana State vs. Magic's Michigan State Spartans in the 1979 NCAA Championship game. Larry lost. But it was only the beginning for this rivalry that spanned on to the 1984, 1985 and 1987 NBA Finals. "We came along at the right time," says Magic. "That's all I can say. I needed Larry and he needed me. We pushed each other, meant so much to each other and meant so much to the game. It was a fun time."
Magic Johnson Professional Profile
Basketball Career
Magic played a big part in pulling the NBA from near bankruptcy into making huge profits. The Hall-of-Famer is one of the greats. His career by the numbers: One gold medal during the 1992 Barcelona Olympic Games; 5 NBA Championship Rings (1980, 1982, 1985, 1987, 1988);
3-Time NBA MVP (1986-1987, 1988-1989, 1989-1990); 12-Time All-Star.
Magic Johnson Professional Profile
USA Olympic Dream Team
The Dream Team dominated in Barcelona, Spain. It was obvious this was OUR sport. Team USA beat its eight opponents by an average of 44 points! No wonder: they had Magic Johnson, Michael Jordan and Larry Bird, the irrepressible Charles Barkley for a little spice, as well as seven more NBA All-Stars: centers David Robinson and Patrick Ewing, power forward Karl Malone, Scottie Pippen, Chris Mullin, Clyde Drexler, and point guard John Stockton. As one story on NBA.com goes: While trying to guard the 6-foot-9 Magic, one foreign player was seen waving to a teammate on the bench with his camera. He was making sure he got a picture of them together.
Magic Johnson Professional Profile
Coaching The Lakers
Magic became the Lakers' coach in March 1994, following his burning desire to coach in the NBA. He took over one of the league's worst teams mid-season. The Lakers went 5-11 under Magic and he quit after the season.
Magic Johnson Professional Profile
Owning The Lakers
Next, in 1994, Magic bought a stake in his team. He still holds title of vice president today, working in various management areas. "This has always been my dream," Johnson said when he inked the deal. Magic paid more than $10 million for part-ownership.
Magic Johnson Professional Profile
The Biographies of Earvin Johnson
In 1992, Magic wrote his autobiography, 'My Life,' one of nearly a dozen biographies to be published on the NBA great. In the tell-all, Magic shared his upbringing by an auto assembly-line worker father and hard-working mother. The book opened with "I grew up in the kind of black family that people today worry is disappearing. Even though there were nine of us - we had what we needed - two great parents, food on the table, and time for the whole family to be together."
Magic Johnson Professional Profile
The Magic Hour TV Show
Johnson premiered 'The Magic Hour' talk show in 1998. The show, which had hopes to replace the Emmy Award-winning The Arsenio Hall Show, was canceled after eight weeks on the air. The Magic Hour might best be remembered for an episode featuring shock jock Howard Stern, who ridiculed the short-lived show.
Magic Johnson Professional Profile
The Magic Johnson Foundation
The MJ Foundation is one of two of Johnson's professional endeavors bearing the "Magic" brand. MJF has awarded more than $1.1 million to community-based organizations that focus on HIV/AIDS education and prevention, and has established four HIV/AIDS clinics.
Magic Johnson Professional Profile
HIV-AIDS Awareness
In 1991, Magic announced he had HIV, which causes AIDS, and his fight to find a cure has never ended. Without a doubt, Magic is one of the premier spokesmen for HIV/AIDS awareness and treatment/cure research. In 2007, Magic founded the "I Stand With Magic" Program and web site. It is a part of a campaign to empower all people to take a stand against HIV/AIDS. The site gives info on HIV/AIDS issues as well as education and awareness materials, and testing and treatment resources.
Magic Johnson Professional Profile
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.
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Comments: (14)
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By: Vacant Reflections on 2/11/2011 1:12PM
Learn to spell the word magic, you dumb ass.
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By: Msgt on 2/11/2011 1:41PM
Celebrites have been endorsing products for a very long time. We as consumers need to make a decision based upon what is best for your situation. Don't do it just because someone you see on television says to do it. They are paid very well for the use of their image. Do you really think that Magic Johnson uses RAC? Gichaya, you said to use a dictionary, please reread your post. "makes them felt and "Majic". Please take your own advise before attempting to correct others. Maybe the word dumb ass is not over used, just saying.
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By: gichaya on 2/17/2011 7:34PM
Oh I'm am sorry that you are actually stupid enough to assume that I don't know how to spell "Magic". But then I'm human and humans make
mistakes. I take it you're an animal? As for people listening to endosers, I did mention that these are people in areas where they cannot afford credit elsewhere. Did I not? If you thought that I thought that Magic uses RAC then perhaps you are right,dumbass do sound appropiate if it's referring you. How many people do you know that actually use the products that they endorse? Have a fanastic weekend, DUMBASS. Just saying :-)
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By: Pink on 2/13/2011 9:11AM
I just hope Magic has stopped doing the rent furniture and rent tv.... commercials. I think that was a slap in the face 2 the less privileged in the African American community. It's common knowledge (2 those that are even half way intelligent) that renting furniture is a rip off.
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