Reflections on the Unsuccessful Purchase of Ebony and Future of Print Media
Welcome to our latest post! If you have been following the saga of the attempted acquisition of Johnson Publishing Co., the owner of Ebony and Jet, by an affiliate of basketball legend Magic Johnson, you’ll the deal fell through. Despite this, Johnson’s interest in African–on-bet” target=”_blank”> media remains unshaken. In the world of print media, these developments are significant. We are in an era where traditional print is grappling with the wave even as niche publications seem to be carving out a space for themselves. This post dives into the details of the failed acquisition, examining the potential reasons behind it and its implications for the future of print media, particularly those targeting specific demographics.
The news that Magic did not proceed with the purchase of Ebony came as a relief to many. The deal could not be finalized, possibly due to disagreements over the archives and/or the price. As previously discussed, the acquisition could have spelled disaster in a time when magazines and newspapers are struggling to stay afloat. Even with their loyal senior audience, these traditional forms of media may become obsolete in the near future. Yet, there is hope in niche publications, which are predicted to thrive in the coming years.
Following the news, I received numerous emails offering varying opinions on the matter. Some argued that the archives alone were worth millions. To this, I posed the question – ‘To the new generation of black kids who care…?’ The disconnect between urban media and our history has led to a generation or two that is largely unaware of it. Ebony had the potential to bridge this gap if they had content that appealed to today’s trendsetters. However, their focus on the older demographic for the past 25 years may have hindered this.
It’s essential to acknowledge the valuable contributions of Ebony, especially their insightful hardcover books on aspects of Black history. Yet, by the time Linda took over, it was perhaps too late for a revival.
The Failed Bid and Its Aftermath
Retired NBA star Earvin Magic Johnson confirmed that his had entered “advanced discussions” to acquire Johnson Publishing Co., but could not reach an agreement. Johnson, 50, expressed continued interest in African- media, but did not disclose if he is considering other properties. Representatives for both Johnson and Johnson Publishing were unavailable for further comments. Los Angeles-based Magic Johnson Enterprises has partnerships with several companies including Starbucks Corp., 24 Hour Fitness Worldwide Inc., and T.G.I. Friday’s Inc. In the previous year, Ebony saw a 38 percent decline in ad revenue to $35.5 million, accompanied by a 39 percent drop in ad pages, according to Publishers Information Bureau.
Enough with the nostalgia, let’s look forward to the future of media!
#PrintMedia #NichePublications #AfricanAmericanMedia #MediaIndustry #FutureOfMedia
