Magic Johnson turns down Johnson Publishing
Magic Johnson had been touted as a possible suitor for the struggling company, Johnson Publishing. For those who are unaware, this company is behind such magazines as Ebony and Jet. In the past, Magic Johnson graced the pages of these magazines, so it would have meant a lot if he were the one to own them. The possibility of Magic Johnson purchasing the struggling Johnson Publishing made a good story.
However, in the end, it was simply not meant to be. A few days ago, Magic was posed with the question of purchasing the company. While he had shown a lot of interest in purchasing Johnson Publishing, in the end, he just was not willing to do so. Despite it having such a long history and sharing his name, the numbers just did not add up. Years of losing have finally caught up with the company who is looking to sell their majority ownership in the company.
Six months ago, it looked as if Johnson Publishing would be shut down, but they held on to close out 2009. Had Magic Johnson taken them over, he may have had some ideas on turning things around. But, at this point, Johnson is only interested in purchasing something that would essentially run itself without him having to put so much into it. Johnson does, however, own stakes in many other businesses and his net worth is well over $300 million and he plans to keep it that way.
Johnson Publishing will now revert back to the original plan of marketing itself to a media conglomerate, such as Viacom, Inc. or Time Warner.
