Rumor of the day: Magic Johnson, retired NBA superstar and mogul is in talks to buy Johnson Publishing Co., producers of African-American magazines Jet and Ebony. There were whisperings last year that Ebony may have been up on the auction block (publisher Kenard Gibbs bowed out in 2008), but considering that Jet rolled out a new redesign just two weeks ago, Johnson is doing everything in its power to make their titles look salable.
This new rumor about Magic buying the paper can’t hurt (the company wouldn’t even need to change its name!): According to Bloomberg News, it’s Magic’s group that issued the statement “Thereâ€™s no definitive agreement,” while Johnson CEO Linda Johnson Rice said she has never even had a discussion about Magic Johnson buying the publisher. Interesting power play…you’d think Johnson Publishing would be eager to see Magic’s name attached to its title.