Vibe Holdings, the company behind Vibe magazine, announced Wednesday (February 9) Magic Johnson and business magnate Ron Burkle’s The Yucaipa Companies have made a substantial investment.
Both Johnson and Yucaipa join the company’s existing owner, InterMedia Partners, which also consists of Vibe.com, Uptown Magazine and the iconic “Soul Train” TV show.
“This investment transaction will invigorate and further cement these brands as formidable urban media outlets spanning the broadcast, digital, live entertainment, and print mediums,” a rep said.
As part of the transaction, Johnson will become Chairman of Vibe Holdings, where he will use his business acumen to help the continued growth of Vibe, and leverage its influence on the urban market as a “vehicle for major advertisers.”
“History and legacy are paramount in building brand affinity and we plan to integrate this ideology into the resurgence of Vibe Holdings,” said Johnson. “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 are excited to have Magic Johnson and Ron Burkle as partners in Vibe Holdings,” adds Peter Kern, Managing Partner, InterMedia Partners. “They bring enormous experience and expertise in building businesses, particularly in the consumer groups served by our content.”
Additionally, Vibe Holdings announced Wednesday that Robert Miller, the co-founder of Vibe magazine and former publisher of Sports Illustrated and Time magazine, will become Chairman of the Vibe and Uptown
magazine group, while Len Burnett and Brett Wright will remain Co-CEOs of both mags, and Kenard Gibbs will continue to serve as CEO of Soul Train.
BallerStatus.com is a member of Vibe’s “Vibe Lifestyle Network,” a network of online websites, which also boasts AllHipHop.com, SurferMag.com, DJBooth.net, and DatPiff.com.