Johnson Publishing, which is famous for its magazines like Ebony and digital based Jet magazine, has been sold out to theClear View Group, a private equity firm based in Texas for an undisclosed amount. For the last 71 years, Ebony has been the leading fashion and lifestyle magazine in America and had millions of subscribers across the country. The focus point of this hugely popular magazine is the blended fashion culture of Africa and America.
Why Johnson Publishing sold Ebony Magazine?
There are some strong reasons behind taking the decision of selling famous “Ebony” magazine to the Clear View Group”. The first one is debt and declining revenue so naturally. They have been struggling in keeping the pace, and this is why they took the decision undoubtedly.
Why Clear View Group Purchased Ebony Magazine from Johnson Publishing?
No one wants to buy a thing whose value is declining rapidly. So, the question comes, why Clear View group bought Ebony magazine from Johnson Publishing while the main reason behind selling this famous magazine was declining revenue!
“We made this purchase because this is an iconic brand- it’s the most-recognized brand in the African-American community.”
One of the best parts of this deal is that Clear View Group did not change the team of Ebony, and they kept it almost same as it was.Kyra Kyles, who has been the head of digital content for Ebony and Jet magazine since last June, will be responsible for the role of editor-in-chief of Ebony as an added up responsibility.
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Another remarkable say that Gibson has quoted while he was questioned about this deal-
“When we make an investment, that’s what we look for- a strong team that can actually run the company”
Johnson Publishing has been taking different moves to ensure grip on money drain since 2013. In 2014 it stopped the printing of weekly digest- “Jet” and made it digital only.
They have put their gigantic and famous “photo achieves” for sale which has many rare snaps of historic African American moments. They have put a tag of $4 million on it, but it’s not gone out of their hand till now.