The new owners of “EBONY” magazine and JETMag.com emerged on June 21, unveiling their plans for the iconic Black publications.
Recently, a story published on EBONY.com described Clear View Group LLC. (CVG), the company that purchased Johnson’s magazines, as a Black-owned investment firm based in Austin, Texas led by Michael Gibson and Willard Jackson, the chairman and vice chairman, respectively. The partners started the firm in 2015.
In the story, Gibson said purchasing the two publications was a “no-brainer.”
The new owners said “EBONY,” EBONY.com and JETMag.com will be part of the newly formed group called the Ebony Media Company (EMC). Johnson Publishing Company Chairman Linda Johnson Rice will serve as chairman emeritus of EMC. Kyra Kyles, who led EBONY’s digital operations, will be the magazine’s editor-in-chief and senior vice president of digital editorial.
CVG purchased the Johnson publications in May for an undisclosed price. Columbia College Chicago bought the Johnson Publishing Company building for $8 million in 2010. College officials ditched plans to renovate the building and recently announced they will put the 11-story property up for sale. “Ebony’s always been a part of our families, so it had always been an attraction,” Gibson said in the EBONY.com story. “But this opportunity was introduced to us…and it didn’t take us very long to make a decision that this was something unique; it’s the most iconic image in the African-American community, and it’s a platform that we think is really important for us and all of our community.”
Given the new ownership team, some former employees and fans believe Ebony won’t be the same. With little to no media experience and EBONY’s financial woes, there is also concern that restoring the magazine will be too difficult in a tough industry where advertising dollars have been declining for years.
