Magic Johnson buys stake in VIBE magazine

By The Hip Hop Writer
Hip Hop Vibe Staff Writer

In the time since he retired from the NBA, Magic Johnson has become a successful businessman. Johnson is always looking for new ventures to invest in. Late in 2009, there were rumors of Magic Johnson entering the publishing business.

A little over a year later, Magic Johnson is indeed in the publishing business, but it is not Ebony. Instead, Magic Johnson has purchased a stake in VIBE magazine. Along with some other investors, Johnson will pump $12 million into the struggling magazine.

During the summer of 2009, VIBE actually shut down for a few months. Late in the summer, it was revived by InterMedia Partners, a private equity firm. While Johnson will be taking over, they will still be involved.

Magic Johnson will step in as the head chairman of Vibe Ventures and he feels as if he can take the magazine to a whole other level. Outside of the flagship VIBE magazine, the company also has Uptown magazine and several digital magazines and websites. The company also owns the rights to Soul Train and Magic Johnson is determined to bring the show back to television.

Johnson has over $500 million set aside to invest in the company. The goal is for Vibe Ventures to become the top urban entertainment company. Magic Johnson said he will be on the lookout for other urban companies, so he can take them over to land more advertisers.