New York – Vibe Holdings, the company behind Vibe and Uptown
magazines, Vibe.com and the "Soul Train" TV property, announced on Wednesday
that it has received an investment from Magic Johnson Enterprises and Ron
Burkle’s Yucaipa Companies.
The amount of the investment was not
disclosed.
Under the deal, Earvin
"Magic" Johnson will become chairman of Vibe Holdings.
"The
mission of Magic Johnson Enterprises is focused on building mutually beneficial
relationships between corporations and the underserved urban market," said
Johnson.
"Currently the landscape of modern media lacks a platform to
serve this community on a global scale. Through leveraging established brand
equity we will create a pertinent message vehicle for major advertisers,"
and "redefine Vibe Holdings as the center of influence for the coveted
urban audience."
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