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(Photo Credit: Twitter/GetJETmag and @EBONYMag)

In the Black community Ebony and Jet magazines are iconic brands that validate our achievements. On Tuesday, June 14 it was announced that Johnson Publishing sold the magazines for an undisclosed amount. The sale of the publications means that Johnson Publishing is no longer in the publishing business after 71 years.

Unlike the sale of BET to Viacom, the purchasing company is Black-owned. The new owner is the Austin, Texas-based Clear View Group, a private equity firm.

The sale comes after years of declining ad revenue and company restructuring at Johnson Publishing. The new media entity is now called Ebony Media Operations and will remain headquartered in Chicago, as well as retaining a portion of its editorial staff and administration at its New York editorial office.

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source: BCNN1.com/RollingOut.com

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