Has Magic Johnson abandoned efforts to buy Ebony and Jet?

[Blue_Tires]

The Chicago-based publisher of Ebony and Jet magazines said Monday it continues to talk with potential "partners," and declined comment on a report that talks with basketball star Earvin "Magic" Johnson have fallen through.

Bloomberg News quoted Johnson late Monday as saying that an affiliate of his company couldn't come to an agreement to buy Johnson Publishing Co., despite advanced talks.

Johnson Publishing Co., the world's largest African-American owned and operated publishing company, based at 820 S. Michigan, is facing the same dilemma as much of the print-media world -- sharply declining advertising revenue. The company has recently redesigned Ebony and Jet magazines to appeal to younger readers and to reflect diverse opinions.

Reports of Johnson's situation surfaced last September. Sidmel Estes, a media strategist and first woman president of the National Association of Black Journalists, told the Sun-Times in October that she and four other journalists were seeking venture capital to remake Ebony and Jet magazines into dominant presences online.

http://www.suntimes.com/business/2064516,CST-NWS-magic23.article