Magic Johnson Won’t be Buying Ebony and Jet

Talks broke down yesterday between Magic Johnson Enterprises and the Johnson Publishing Company over the potential purchase of Jet and Ebony magazines – eliminating any chance of a controversial Johnson swap.

From Folio magazine:

In a statement issued late Monday, Johnson, who serves as chairman and CEO of Magic Johnson Enterprises, said his company was unable to reach a deal to acquire the Chicago-based magazine publisher.

“Recently, an affiliate of Magic Johnson Enterprises and Johnson Publishing Company were in advanced discussions to do business together, but unfortunately we were unable to reach a definitive agreement,” he said.

Neither magazine is faring especially well in the down economy. Jet’s ad pages fell 35.5 percent last year and Ebony was even worse at 38.9 percent. Magic, though, said in a statement that despite troubles in the industry, he’ll “continue to look for opportunities to invest in African-American media.”