According to the press release:
Vibe Holdings LLC (“Vibe Holdings”) today announced an investment from Magic Johnson Enterprises and Ron Burkle’s The Yucaipa Companies, joining Vibe Holding’s existing owner, InterMedia Partners. Vibe Holdings is a leading multi-cultural media company consisting of treasured and celebrated brands including Vibe Magazine, Vibe.com, Uptown Magazine and the revered and iconic Soul Train TV show and library. This investment transaction will invigorate and further cement these brands as formidable urban media outlets spanning the broadcast, digital, live entertainment, and print mediums.
As part of the transaction Earvin “Magic” Johnson will become Chairman of Vibe Holdings. In the role of Chairman, Johnson, a venerated and proven architect of niche market development, will utilize his unparalleled business acumen to fuel the continued growth of Vibe Holdings through targeted brand extensions and the creation of diversified advertiser-friendly platforms. Through the strategic combination of InterMedia Partners, MJE and The Yucaipa Companies, Vibe Holdings will be positioned as the globally recognized voice of influence, and continue to deliver compelling and relevant content dedicated to magnifying the heart and soul of the rich urban culture."
Magic said about the partnership:
“The mission of Magic Johnson Enterprises is focused on building mutually beneficial relationships between corporations and the underserved urban market. Through programs designed to cultivate the existing profit potential of this burgeoning, and frequently neglected demographic, we are able to revitalize and maximize profit margins. Currently the landscape of modern media lacks a platform to serve this community on a global scale
History and legacy are paramount in building brand affinity and we plan to integrate this ideology into the resurgence of Vibe Holdings. Through leveraging established brand equity we will create a pertinent message vehicle for major advertisers. We will redefine Vibe Holdings as the center of influence for the coveted urban audience."
We wonder how the magazine cluster will be handled now? Your thoughts?