Magic Johnson Invests in Vibe Magazine
The legendary LA Laker invests in one of the leading urban and Hip Hop music publications Vibe.
Vibe Magazine's nearly two decades of publication almost ended in 2009 when the magazine nearly such down for good. Now, back in publication after a private equity investment fund from InterMedia Partners LP, Vibe is expanding its business model with its newest investor and chairman former Los Angeles Lakers player Earvin "Magic" Johnson.
According to Bloomberg, the legendary five-time NBA Championship winning point guard invested in Vibe Holdings LLC through the Yucaipa Cos. investment firm. Johnson says that he hopes his and Yucaipa Cos. hope that their investments will help Vibe secure its place as one of the leading urban media publications.
"We will redefine Vibe Holdings as the center of influence for the coveted urban audience," said Johnson. (Bloomberg.com)
Peter Kerns of InterMedia Partners echoed Magic's enthusiasm, saying, "With the help of our new partners we believe we can build a leading platform for our core audiences and for advertisers." (Bloomberg.com)
Vibe Holdings doesn't simply produce the Quincy Jones-founded magazine, however. The media conglomerate also owns Uptown magazine, the TV show "Soul Train" and over 25 websites.