Magic Johnson Said to Become Chairman of Vibe Holdings
(Bloomberg) — Retired basketball star Magic Johnson agreed to invest in Vibe Holdings LLC, a magazine and television company focused on the urban market, along with billionaire Ron Burkle, according to a person familiar with the deal. As part of the deal, Johnson, 51, will become chairman of New York-based Vibe, said the person, who declined to be identified because the deal isn’t public. Johnson and Burkle, head of the investment firm Yucaipa Cos., will join Leo Hindery, the former cable and telecom executive, whose InterMedia Partners LP already owns a stake in Vibe. An announcement could come as early as tomorrow, the person said. Tammy Warren, a spokeswoman for Magic Johnson Enterprises, didn’t immediately respond to a phone call seeking comment. Frank Quintero, a spokesman for Yucaipa, didn’t immediately respond to a phone call seeking comment. Vibe, which targets multicultural markets with entertainment and general-interest news and content, includes Vibe magazine, Uptown magazine, media websites and the Soul Train TV show, with its library of 35 years of musical performances, according to the company’s website. Last month, Vibe began publishing Uptown Professional, a multicultural business title.