Magic Johnson, Ron Burkle Invest In VIBE; Magic Named Chairman

[AllHipHop News] Magic Johnson and investor Ron Burkle are entering into the publishing business, as Magic Johnson Enterprises and Burkle's Yucaipa Companies have announced a strategic investment in Vibe Holdings LLC.

The pair joins Vibe Holdings' existing investors Intermedia Partners as owners of Vibe LLC., with Magic Johnson operating as Chairman of the company, which owns Vibe Magazine, Vibe.com, Uptown Magazine and the Soul Train TV show and library.

As Chairman, Magic Johnson will utilize his expertise in developing the urban market and leverage his connections to build relationships between Vibe's brands and advertisers.

“The mission of Magic Johnson Enterprises is focused on building mutually beneficial relationships between corporations and the underserved urban market," Magic Johnson told AllHipHop.com in a statement released this morning (February 9th).

(Read the full story at AllHipHop.com)