Vibe Holdings LLC has announced an investment from Magic Johnson Enterprises and Ron Burkle’s The Yucaipa Companies. Vibe Holdings is a leading multi-cultural media company featuring celebrated brands like Vibe Magazine, Vibe.com, Uptown Magazine and the iconic Soul Train TV show and library.
As part of the investment Earvin “Magic” Johnson will become Chairman of Vibe Holdings, utilizing his “unparalleled business acumen” to fuel continued growth at Vibe Holdings through the creation of advertiser-friendly platforms. Johnson is a “venerated and proven architect” of niche market development.
“The mission of Magic Johnson Enterprises is focused on building mutually beneficial relationships between corporations and the underserved urban market. Through programs designed to cultivate the existing profit potential of this burgeoning, and frequently neglected demographic, we are able to revitalize and maximize profit margins. Currently the landscape of modern media lacks a platform to serve this community on a global scale.” — Earvin “Magic” Johnson
Peter Kern, Managing Partner, InterMedia Partners, says they are “excited” to have Magic Johnson and Ron Burkle as partners and that they “have already assembled a great group of assets and brands which have strong momentum in the market; with the help of our new partners, we believe we can build a leading platform for our core audiences and for advertisers who need to reach them.”
Magic definitely has plans for the future of Vibe Holdings, saying “history and legacy are paramount in building brand affinity and we plan to integrate this ideology into the resurgence of Vibe Holdings. Through leveraging established brand equity we will create a pertinent message vehicle for major advertisers. We will redefine Vibe Holdings as the center of influence for the coveted urban audience.”