Johnson Publishing has sold Ebony and Jet magazines to Clear View Group, an Austin, Texas-based private equity firm. The sale price has not been released. This news comes two years after the last print edition of Jet magazine was released.
Johnson Publishing CEO Desiree Rogers says that the sale will allow the Chicago-based publishing company to focus on re-building Fashion Fair Cosmetics, which was launched in 1973 to meet the beauty needs of African American women.
“I can confirm that Ebony has been sold,” Rogers told the New York Post. “It allows Johnson Publishing to reduce its debt associated with the media company and focus on growth of its cosmetics business.”
The Ebony photo archives are still up for sale.
With new ownership coming in, current Editor-in-Chief Kierna Mayo is leaving Ebony to take on a new role at Interactive One, the digital publishing company that operates Global Grind. Mayo made the announcement on Twitter in a series of tweets.
Kyra Kyles, who is currently Vice President and head of Digital Editorial for jetmag.com and ebony.com, will move to the role of Editor-in-Chief under the new ownership.
John H. Johnson founded Johnson Publishing Co. in 1942 with a $500 loan from his mother. He went on to open Ebony in 1945. Johnson died in 2005 at the age of 87. Until now, the publication was a family-owned business. However, with this sale, it continues to be black-owned unlike its competitor Essence magazine, which was sold to Time, Inc. in 2005.
Johnson’s daughter, Linda Johnson Rice, spoke about the new ownership of her father’s company.
“This is the next chapter in retaining the legacy that my father, John H. Johnson, built to ensure the celebration of African-Americans,” she said in a statement.
Rice will serve as chairman emeritus on the board of the new publishing entity, Ebony Media Operations which will be chaired by Michael Gibson. Former Chief Operating Officer Cheryl Mayberry McKissack will be the CEO.
However, Black Twitter still questions and concerns about the sale.
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