Ebony and Jet magazines have been sold by Johnson Publishing to Clear View Group, an African-American owned private equity firm based in Austin, Texas, the Chicago Tribune reports.
The amount that Johnson obtained from the sale has not been disclosed; however, we do know that the publisher will retain Fashion Fair Cosmetics and its historic photo archives, which is still up for sale.
Linda Johnson Rice, who is the daughter of JP founder John Johnson and also chairman of the company, will serve as chairman emeritus on the board of the new company, Ebony Media Operations.
“This is the next chapter in retaining the legacy that my father, John H. Johnson, built to ensure the celebration of African-Americans,” she said in a statement released Tuesday.
According to Michael Gibson, co-founder of Clear View Group, Ebony will retain most of its current staff during the transition; however, Ebony’s editor-in-chief Kierna Mayo will be stepping to down to pursue other opportunities. Tuesday on Twitter, she announced that she has accepted a position at Interactive One as their new Senior Vice President of Content and Brands.
Ebony will maintain their Chicago headquarters and New York editorial office.
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